Natural Gas Price Analysis for November 20, 2023

From fxdailyreport.com

Natural gas is trending lower on its hourly time frame, forming lower highs connected by a descending trend line that’s been holding since the start of the month. Another test of this resistance zone seems to be underway, as price is bouncing off the lows around $2.718. The Fibonacci retracement tool shows resistance levels where sellers might be waiting to hop in. The 38.2% Fib is close by at $2.833, then the 50% level is at $2.888. The 61.8% Fib lines up with the trend line and dynamic resistance levels at the moving averages near the $2.900 major psychological mark. On the subject of moving averages, the 100 SMA ... (full story)