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Natural Gas Price Forecast: Remains Bearish as Resistance Holds Strong
Natural gas followed through to the downside on Wednesday after Tuesday’s rally encountered resistance around the 200-Day MA. Yesterday’s low of 2.33 was exceeded to the downside before natural gas found support at the day’s low of 2.29, which led to a bounce. Today’s price action did little to comfort bulls as a downtrend is well in place and today’s decline following yesterday’s test of potentially significant resistance is bearish behavior. Until there is a clear change in character natural gas remains bearish and a test of support at the next lower target zone continues to be the next likely scenario ... (full story)