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Natural Gas Price Analysis for August 29, 2023
Natural gas broke through its short-term descending trend line visible on the hourly time frame, indicating that a reversal from the selloff is taking place. Price is pulling back to the former resistance to gather more buying energy. The Fibonacci retracement tool shows that this is near the 61.8% Fib around the $2.540 level. Holding as support could allow the uptrend to gain traction and take natural gas back up to the swing high at $2.735. However, the 100 SMA is still below the 200 SMA to suggest that the path of least resistance is to the downside or that there’s a chance the downtrend might resume. Then ... (full story)