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Natural Gas Price Analysis for December 5, 2023
Natural gas is still trending lower on its hourly time frame, even after bouncing off the bottom of its descending wedge or channel pattern. The Fibonacci retracement tool shows levels where more sellers might join in. The 38.2% Fib seems to be holding as resistance around $2.533 and might be enough to send natural gas price back down to the swing low at $2.467 or lower. A higher correction could reach the 50% Fib at $2.553 or the 61.8% level near the wedge top at $2.573. The 100 SMA is below the 200 SMA to confirm that the path of least resistance is to the downside or that resistance is more likely to hold than to ... (full story)
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- Posted: Dec 5, 2023 6:54am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 424
