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Natural Gas Surges: Bullish Momentum Sparks Uptrend Resurgence

From fxempire.com

{video} Natural gas triggered a bullish reversal today as it rallied above yesterday’s high of 3.08 and kept rising to a four-day high. Upward momentum has kicked in leading to a wide range green candlestick. The advance comes off a support zone with a low of 2.99, utilizing the combination of the internal uptrend line, the 78.6% Fibonacci retracement, and the 50-Day EMA (orange). {chart} Today’s rally is similar in scope to what was seen in the last two rallies, starting from October 3. The bullish reaction is exactly what the bulls will want to see to indicate that the retracement is likely over, and the uptrend ... (full story)

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  • Category: Technical Analysis