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Natural Gas Price Analysis for September 20, 2023
Natural gas is retreating upon hitting the long-term resistance zone around $2.720, possibly setting its sights back on the range support at $2.450 next. Technical indicators are confirming that resistance is more likely to hold than to break. The 100 SMA is below the 200 SMA to suggest that the path of least resistance is to the downside, but natural gas is trading below both moving averages to reflect a bit of bullish pressure. Still, stochastic is heading lower to indicate that bearish momentum is already starting to pick up. The oscillator has plenty of room to move south before reaching the oversold region, so ... (full story)