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Natural Gas Price Analysis for April 23, 2024
Natural gas broke above the resistance of its descending triangle pattern and might be in for a rally that’s the same height as the chart formation. Technical indicators are looking mixed, though, as the 100 SMA is crossing above the 200 SMA to indicate that the path of least resistance is to the upside. Price is also above both moving averages, so these could hold as dynamic support on dips around the broken triangle top and $1.700 mark. However, stochastic is already indicating overbought conditions or exhaustion among buyers, so turning lower could mean a return in selling pressure. RSI is also in the overbought ... (full story)