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Natural Gas Price Analysis for July 14, 2023
Natural gas is back inside its descending triangle consolidation pattern, with its lower highs and support at $2.506. Price is currently testing support and could be deciding on a break lower. A bearish flag pattern can be seen at the bottom of the formation, and a breakdown could trigger a selloff that’s at least the same height as the mast or the size of the triangle. On the other hand, support holding could spur a bounce back up to the top at $2.600. The 100 SMA appears to be below the 200 SMA to indicate that the path of least resistance is to the downside or that support is more likely to break than to hold. ... (full story)