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Natural Gas Price Analysis for May 27, 2024
Natural gas sold off sharply in the past trading sessions, putting the commodity price in correction mode on the long-term time frames. The Fibonacci retracement tool on the latest swing low and high on the 4-hour chart shows potential support areas. The 38.2% Fib is at $2.449 and the 50% level is at $2.311 near the 100 SMA dynamic support. A larger correction could reach the 61.8% Fib at $2.174. If any of these hold, natural gas could still resume the climb to the swing high at $2.894 or higher. The 100 SMA is above the 200 SMA to signal that the path of least resistance is to the upside or that the climb is likely ... (full story)