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Natural Gas Price Analysis for January 9, 2024
Natural gas is still trending higher on its hourly time frame, as price is pulling back to the ascending trend line on the hourly chart. The Fibonacci retracement tool shows additional levels where buyers might be waiting. Price looks ready to test the 38.2% Fib at $2.862 soon, and a larger pullback could take it down to the 50% Fib at $2.824. The 61.8% Fib is closest to the trend line at $2.787 and the 100 SMA dynamic inflection point. If any of these hold as support, natural gas could resume the climb to the swing high near the $3.000 handle. Stochastic is heading down from the overbought region to indicate that ... (full story)