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Natural Gas Price Analysis for May 14, 2024
Natural gas is still trending higher, reaching fresh highs at $2.267 after its pullback to the rising trend line on its hourly chart. Price might be in for another pullback as it stalls around the latest highs. The Fibonacci retracement tool shows that the 61.8% Fib is closest to the trend line at $2.165, which might be the line in the sand for a bullish correction. A shallow pullback could already find buyers at the 50% level at $2.184 or the 38.2% Fib at $2.204. The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that support is more likely to hold than to break. If ... (full story)