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Natural Gas Price Analysis for May 9, 2024
Natural gas has been on the rise lately, but the rally might be cut short as the commodity has formed a bearish divergence on its hourly time frame. Price has formed higher highs since May 6, but the oscillators are showing lower highs. Stochastic is already in the oversold region, though, suggesting that the selloff may be over. However, RSI has plenty of room to slide before reflecting exhaustion among sellers, so there could be room for natural gas to keep dropping. The 100 SMA is above the 200 SMA to signal that the path of least resistance is to the upside or that the uptrend is more likely to resume than to ... (full story)