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Natural Gas Price Analysis for July 25, 2023
Natural gas is trading inside a small range on its short-term time frame, and this consolidation happens to be right around the top of a longer-term rectangle pattern. A break above the resistance around $2.750 could set off a climb that’s the same height as the formation, which spans around $0.250, possibly taking natural gas up to $3.000 next. The 100 SMA is above the 200 SMA to suggest that the path of least resistance is to the upside or that the ceiling is more likely to break than to hold. The commodity is also trading above both moving averages, so these could hold as dynamic support on dips. Stochastic is ... (full story)