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Current Correction in Natural Gas Sets Up for Next Advance
video Natural gas further retraces its most recent advance after reaching resistance at last week’s 2.69 high. The 50% retracement level at 2.36 has been exceeded and natural gas next heads towards the 61.8% Fibonacci retracement at 2.28. That is very close to the 2.25 weekly low. A drop below that weekly low will next have natural gas targeting the 78.6% Fibonacci retracement zone at 2.17. The short-term trendline support is also close to that price area. chart A bullish reversal occurred this month on the monthly chart thereby improving the outlook for natural gas. However, it remains in a consolidation zone ... (full story)