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Natural Gas Price Analysis for October 2, 2024
Natural gas is still on the rise, closing in on the symmetrical triangle resistance visible on the daily time frame. Price could hit a ceiling at the $2.700 mark, but a break higher could set off a longer-term rally. The 100 SMA is above the 200 SMA on the daily chart to suggest that the path of least resistance is to the upside or that resistance is more likely to break than to hold. The chart pattern spans $3.250 to $1.750, so the resulting rally could be of the same height. Price is also above both moving averages, so these could hold as dynamic support on dips. Stochastic is already indicating overbought ... (full story)
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- Posted: Oct 2, 2024 6:56am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 146
