Natural Gas Price Forecast: Analyzing New Highs and Potential Pullback
Natural Gas Price Forecast and Recent Highs
Natural gas prices surged recently, hitting a new peak at $2.88 before meeting resistance. The market faced a pullback, indicating a need for traders to observe resistance levels closely. Presently, natural gas is trading around $2.73, showing signs of a downward trend.
Potential Decline Below Today's Low
A significant drop below today’s low could signal a deeper pullback, targeting the support range of $2.67 to $2.65, while Fibonacci retracement levels of $2.55 must also be monitored.
- Support zone between $2.48 and $2.44 is critical.
- Look for trendline breakout indications for potential upward movement.
Current Trends in Natural Gas
Natural gas continues to trade within a large symmetrical triangle. Watch for the bottom trendline that was recently adjusted higher. The 20-Day Moving Average (MA) converges with this support line, implying market strength.
- Observe movements around the 200-Day MA for further trend insights.
- Stay informed on broader economic events affecting market dynamics.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.