Natural Gas Price Analysis: Golden Fibonacci ratio defends XNG/USD bulls around $2.75 – by anilpanchal7 Gas Commodities Technical Analysis ChartPatterns Energy
DMA support. In doing so, the energy instrument remains firmer past the 61.8% Fibonacci retracement level of its March-April downturn.
As a result, the commodity price is likely to challenge the monthly high of around $2.78 before targeting May’s peak surrounding $2.82. Even if the XNG/USD remains firmer past $2.93, the $3.00 psychological magnet and March’s peak of around $3.08 could test the bulls before giving them control. In a case where the XNG/USD drops beneath $2.66, the 50% Fibonacci retracement level and the resistance-turned-support line stretched from late June, around $2.60 and $2.52 respectively, will test the commodity bears.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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