Natural Gas Price Analysis for June 21, 2024

From fxdailyreport.com

Natural gas continues to retreat from its rallies earlier this month, as price formed lower highs and appears to be creating a complex head and shoulders reversal pattern on its hourly time frame. Price is down to the neckline around $2.700, and a break below support could confirm that a longer-term drop is in the works. The 100 SMA already crossed below the 200 SMA to indicate that the path of least resistance is to the downside or that support is more likely to break than to hold, potentially triggering a drop that’s the same height as the formation. Stochastic has been indicating oversold conditions for some ... (full story)