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Natural Gas Price Analysis for May 22, 2024
Natural gas continues to trend higher on its short-term time frame, triggering fresh highs and an updated set of Fibonacci retracement levels. Price is in the middle of testing the 38.2% Fib at the moment. If support at $2.554 holds, natural gas could resume the climb to the swing high at $2.722 or higher. A larger pullback could reach the 50% level at $2.503 and 100 SMA dynamic support or the 61.8% Fib at $2.450 in line with the rising trend line that’s been holding so far this month. On the subject of moving averages, the 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside ... (full story)