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Natural Gas Price Analysis for September 19, 2023
Natural gas fell through its ascending channel bottom to indicate that a reversal from the uptrend is in the works. Price bounced off support at the $2.600 area and has since pulled up for a retest. The former channel support seems to be holding as resistance, possibly sending the commodity price down to the next downside targets marked by the Fibonacci extension tool. The 38.2% level is at $2.641, then the 50% level is at $2.621. Stronger bearish momentum could take natural gas down to the 61.8% extension at $2.601 or the 76.4% level close to the swing low at $2.577. The full extension is at $2.537. The 100 SMA is ... (full story)
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- Posted: Sep 19, 2023 7:00am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 89
