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Natural Gas Price Analysis for September 6, 2024
Natural gas is trending higher on its hourly time frame, with price testing the top of its ascending channel. A break higher from the current short-term consolidation could spur a sharper climb. A break lower, on the other hand, could lead to a dip to the nearby support zones at the Fibonacci retracement levels. The 38.2% Fib is at $2.135, near the mid-channel area of interest, then the 50% level is at the $2.115 support area. The line in the sand for a bullish correction might be the 61.8% Fib that lines up with the 100 SMA dynamic support at $2.095. On the subject of moving averages, the 100 SMA is above the 200 ... (full story)
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- Posted: Sep 6, 2024 7:11am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 177
