Natural Gas Price Analysis for November 21, 2023

From fxdailyreport.com

Natural gas continues to trend lower inside its falling channel on the hourly time frame and is still hovering just above support. A pullback to nearby resistance levels could follow from here. The Fibonacci retracement tool shows where sellers might be waiting to join the downtrend. The 38.2% level is at $2.833, then the 50% Fib lines up with the 100 SMA dynamic inflection point at $2.868. The line in the sand for a bearish pullback is the 61.8% Fib near the channel top and 200 SMA at $2.903. If any of these hold as resistance, natural gas could resume the drop to the swing low at $2.718 or the channel bottom closer ... (full story)