Natural Gas Price Analysis: XNG/USD bulls approach $2.48 resistance confluence Gas Technical Analysis ChartPatterns Commodities Energy
In doing so, the energy instrument cheers the previous day’s sustained break of a downward-sloping resistance line from mid-March, now immediate support near $2.38.
However, the 50-day Exponential Moving Average and 38.2% Fibonacci retracement level of the XNG/USD’s downside from early March to mid-April, near $2.48 at the latest, could challenge the Natural Gas bulls. On the contrary, the resistance-turned-support line from March, near $2.38, restricts the immediate downside of the Natural Gas price.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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