Natural Gas Price Analysis: XNG/USD bears flex muscles near $2.30 Gas Technical Analysis ChartPatterns SwingTrading Commodities
Despite the commodity’s latest inaction, the quote’s placement below the key Exponential Moving Averages and a two-week-old horizontal resistance keep the bears hopeful.
It’s worth noting, however, that the aforementioned triangle’s lower line, around $2.30 by the press time, restricts the immediate downside of the XNG/USD. On the flip side, the 100-EMA restricts the immediate upside of the XNG/USD near $2.36, a break of which highlights the top line of the four-day-long symmetrical triangle, near $2.40.
Overall, Natural Gas remains on the bear’s radar even if the immediate triangle restricts the short-term downside of the commodity.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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