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Natural Gas Price Analysis for March 27, 2024
Natural gas appears to have completed its retest of the broken triangle on the hourly time frame, signaling that the commodity is ready to resume its downtrend. The Fibonacci extension tool shows the next potential bearish targets. Price is down to the 38.2% level at $1.642 then might be in for a further drop to the 50% level at $1.626 near the swing low. Sustained bearish pressure could take natural gas down to the 61.8% level at $1.609 or the 76.4% level at $1.589. The full extension is at $1.557. 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 ... (full story)