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Natural Gas Price Analysis for January 8, 2024
Natural gas is still trending higher on its hourly time frame, with price forming fresh highs near the $2.925 mark and prepping for a correction. The Fibonacci retracement tool shows where more buyers might be waiting to join the climb. The 38.2% Fib is close by at $2.819, then the 50% level is at $2.786 near a former short-term resistance that might hold as support. The 61.8% Fib is at $2.733 just above the trend line support around $2.700, which lines up with the 100 SMA dynamic inflection point. On the subject of moving averages, the 100 SMA is above the 200 SMA to confirm that the path of least resistance is to ... (full story)