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Natural Gas Price Analysis for September 5, 2024
Natural gas is still cruising higher towards the resistance around $2.240 but is pulling back to the short-term channel support around $2.050. If the floor holds, the commodity price could revisit the channel top close to $2.200. The 100 SMA is above the 200 SMA to suggest that the path of least resistance is to the upside or that the climb is likely to gain traction. The moving averages are also near the channel support to add to its strength as a floor. Stochastic is indicating oversold conditions or exhaustion among sellers, so turning higher would mean a return in bullish pressure. RSI has some room to head south ... (full story)
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- Posted: Sep 5, 2024 7:21am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 151
