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Natural Gas Price Analysis for October 20, 2023
Natural gas is still in pullback mode, as price is retreating to the 50% Fibonacci retracement level on the latest rally. A larger pullback could reach the 61.8% level at $2.784 or the rising trend line on the daily time frame. This support area has been holding since May this year, so another test could be enough to keep losses in check. In addition, the trend line coincides with the 100 SMA dynamic inflection point that adds to its strength as a floor. On the subject of moving averages, the 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that the rally is more likely ... (full story)