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Natural Gas Price Analysis for May 20, 2024
Natural gas continues to climb, testing one correction level after another. Price has moved above the 38.2% and 50% Fibonacci retracements and might now be eyeing the 61.8% level next. This is right around the $2.700 major psychological mark and above the falling trend line connecting the highs since November last year. This is also above both moving averages, which might hold as dynamic support on dips. On the subject of moving averages, the 100 SMA is still below the 200 SMA to suggest that the path of least resistance is to the downside or that resistance is more likely to hold than to break. In that case, natural ... (full story)