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Natural Gas Price Analysis for August 22, 2023
Natural gas is trending higher on its hourly time frame, moving inside an ascending channel with its higher lows and higher highs. Price is testing the channel support around $2.600. A bounce off this area could take the commodity price back up to the resistance just past the key $3.000 level or at least until the middle around $2.800. A break below support, on the other hand, could mark the start of a reversal from the uptrend. The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that support is more likely to hold than to break. However, natural gas is already dipping ... (full story)