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Natural Gas Price Analysis for August 15, 2024
Natural gas is testing resistance at the $2.200 area and is forming a short-term double top pattern to signal an end to its August climb. Price has yet to test and break below the neckline support to confirm the reversal. A move below the 100 SMA dynamic inflection point and neckline around the $2.150 level could indicate that a downtrend is in the works, potentially taking the commodity price down to the next support zone near $1.900-2.000. A bounce, on the other hand, could lift the commodity past the latest highs and onto the next upside barrier around $2.300-2.400. The 100 SMA is above the 200 SMA to indicate ... (full story)
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- Posted: Aug 15, 2024 6:59am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 262
