Natural Gas Price Analysis: XNG/USD trades above 23.6% Fibo., bullish potential intact Gas Technical Analysis Energy Commodities
n Thursday. The XNG/USD currently trades around the $2.670 area, down over 0.10% for the day, though the technical setup favours bullish traders.
The 23.6% Fibo. level, around the $2.65 region now seems to protect the immediate downside ahead of the $2.55 area, or the 38.2% Fibo. level. This is followed by the overnight low, just above the mid-$2.00s horizontal resistance breakpoint, which coincides with the 50-period Simple Moving Average on the 4-hour chart and should act as a pivotal point. A convincing break below might prompt some technical selling and pave the way for deeper losses.
On the flip side, immediate resistance is pegged near the $2.755-$2.765 area ahead of the monthly top, around the $2.780 region. Some follow-through buying will be seen as a fresh trigger for bullish traders and lift the XNG/USD beyond an intermediate barrier near $2.915, towards reclaiming the $3.000 round figure. The momentum could get extended further and eventually lift Natural Gas price to the March swing high, around the $3.075-$3.080 zone.
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