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Natural Gas Price Analysis for March 26, 2024
Natural gas fell through the bottom of its symmetrical triangle pattern to signal that a downtrend of the same height as the formation is in the works. Price is still pulling up to the former support, though. This happens to line up with the 38.2% Fibonacci retracement level at $1.673 and might be enough to keep gains in check. A larger correction could reach the 50% Fib at $1.688 near the moving averages or the 61.8% Fib at the top of the triangle near the $1.700 major psychological mark. If any of the Fibs hold as resistance, natural gas could fall back to the lows at $1.624 or lower. The 100 SMA crossed below the ... (full story)