Natural Gas Price Analysis: XNG/USD corrects from one-month peak, holds above $2.50 Gas Energy Commodities Technical Analysis ChartPatterns
-month top. The XNG/USD currently trades around the $2.725 region, down nearly 0.75% for the day and for now, seems to have snapped a six-day winning streak, though any meaningful corrective decline still seems elusive.
The aforementioned descending trend-line resistance breakpoint, currently around the $2.70 area, now seems to protect the immediate downside ahead of the $2.65 zone, or the overnight swing low. Any further decline might still be seen as a buying opportunity, which should help limit the downside for the XNG/USD near the $2.50 horizontal resistance breakpoint.
and lift the XNG/USD beyond an intermediate barrier near $2.915, towards reclaiming the $3.000 round figure. The momentum could get extended further and eventually lift Natural Gas price to the March swing high, around the $3.075-$3.080 zone.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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