Natural Gas Price Analysis: XNG/USD rebounds from immediate support line to near $2.55 Gas Technical Analysis Commodities ChartPatterns Energy
In addition to the XNG/USD rebound from a two-week-old rising support line, the bullish MACD signals and the mostly steady RSI line also keep the commodity buyers hopeful.
Hence, the Natural Gas Price is likely to extend the latest recovery, which in turn highlights the 50.0% and 61.8%retracements of its March-April fall, respectively near $2.60 and $2.71, as the nearby important resistances. That said, the $3.00 round figure and the 100-day EMA level of around $3.04 may act as extra checks for the Natural Gas price upside.
Should the quote drops below $2.50, the odds of witnessing the Natural Gas Price’s gradual southward trajectory toward the monthly low of around $2.14 can’t be ruled out.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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