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Natural Gas Price Analysis for May 16, 2024
Natural gas formed higher lows and slightly higher highs to consolidate in a rising wedge formation on its hourly time frame. Price is testing the resistance and might be considering a break higher. If that happens, the commodity price could rally by the same height as the chart formation, which spans around $1.800 to $2.400. However, technical indicators are looking mixed. The 100 SMA is above the 200 SMA to suggest that the path of least resistance is to the upside or that resistance is more likely to break than to hold. The 100 SMA lines up with the wedge support to add to its strength as a floor as well. However, ... (full story)