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Natural Gas Price Analysis for October 1, 2024
Natural gas continues to cruise higher, forming fresh highs within its ascending channel that’s been holding all September. Price is testing the channel resistance and could be due for another pullback. The Fibonacci retracement tool shows where more buyers might be waiting. The 38.2% Fib is near the mid-channel area of interest at $2.598, which might be enough to keep losses in check. A larger retracement could reach the 50% Fib at $2.568 near the 100 SMA dynamic support or the 61.8% Fib at $2.537 closer to the channel bottom. The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the ... (full story)
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- Posted: Oct 1, 2024 6:52am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 138
