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Natural Gas Price Analysis for May 15, 2024
Natural gas is pulling up to the area of interest at the 38.2% Fib visible on the daily time frame. If this area holds as resistance, the commodity price could fall back to the lows at $1.572 soon. 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 200 SMA lines up with the 50% Fib at $2.468 to add to its strength as a ceiling, but the line in the sand for a bearish correction would be the 61.8% Fib at $2.680. Stochastic is already indicating overbought conditions or exhaustion among buyers, so turning lower ... (full story)