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Natural Gas Price Analysis for May 10, 2024
Natural gas is still on a tear, but its rally might be cut short soon as the commodity is approaching resistance levels marked by the Fibonacci retracement tool on its long-term chart. Price is closing in on the 38.2% Fib at $2.259, which lines up with a former support area. A larger pullback could take it up to the 50% level at $2.472 near the 200 SMA dynamic inflection point or the 61.8% level at $2.685. The 100 SMA is below the 200 SMA to indicate that the path of least resistance is to the downside or that resistance is more likely to hold than to break. The gap between the indicators is widening to reflect ... (full story)