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Natural Gas Price Analysis for August 18, 2023
Natural gas recently fell through its head and shoulders neckline, confirming that a short-term downtrend is in the works. Price might need to pull back to the former support zone, which lines up with the Fib retracement levels. The 38.2% level coincides with the area of interest around $2.672, as well as the 100 SMA dynamic resistance. A larger pullback could reach the 50% level at $2.707 or the 61.8% Fib closer to the 200 SMA dynamic inflection point at $2.742. On the subject of moving averages, the 100 SMA is below the 200 SMA to indicate that the path of least resistance is to the downside or that the selloff is ... (full story)