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Natural Gas Price Analysis for December 18, 2023
Natural gas is trending lower below a descending trend line visible on the 4-hour time frame, and it appears that another test of resistance is due soon. The Fibonacci retracement tool shows additional levels where sellers might join in. The 38.2% Fib is at $2.492 near the 100 SMA dynamic inflection point and trend line. A larger correction could reach the 50% Fib at $2.600 or the 61.8% level at $2.709 and the 200 SMA dynamic resistance. On the subject of moving averages, the 100 SMA is below the 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to gain ... (full story)