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Natural Gas Price Analysis for August 16, 2023

From fxdailyreport.com

Natural gas continues to trend inside a rising channel, with its higher lows and higher highs since June. Price looks ready for another test of support as it dips to the Fibonacci retracement levels. The commodity is down to the 61.8% Fib that lines up with the dynamic support at the moving averages. If this is enough to hold as support, natural gas could resume the climb to the swing high at $3.000 or higher. A larger pullback could still reach the channel bottom at $2.600 before finding more buyers, but a break below this area could signal that a reversal is in the works. The 100 SMA is crossing above the 200 SMA ... (full story)

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  • Category: Technical Analysis