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Natural Gas Price Forecast: Faces Key Resistance at 200-Day MA
Natural gas rose to a new high of 2.27 on Wednesday before pulling back intraday. The day’s high was a successful test of resistance at the 200-Day MA (blue). A breakout above the 50-Day MA (orange) occurred earlier in the session. However, natural gas is set to end down for the day and closing near session lows. But it remains above the 20-Day MA at 2.13 at the time of this writing. This will leave it sandwiched between the resistance around the 200-Day MA at 2.27 and the 20-Day MA at 2.13, today’s low. Therefore, today’s price range provides two price levels to watch for clues as to what is next. chart A ... (full story)
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- Posted: Sep 4, 2024 5:31pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 103
