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Natural Gas Price Analysis for March 18, 2024
Natural gas might be in for a reversal from its short-term slide, as the commodity price is forming a double bottom on its hourly time frame. Price is inching close to the neckline around $1.750. A break above this resistance could set off a rally that’s the same height as the formation or even a climb to the next ceiling around $1.950. Technical indicators, however, are suggesting that the selloff might resume soon. The 100 SMA is below the 200 SMA to indicate that the path of least resistance is to the downside. In addition, the 200 SMA is close to the neckline resistance to add to its strength as a ceiling. If ... (full story)