Natural Gas Price Analysis: XNG/USD retreats from multi-day-old resistance line to around $2.60 Gas Technical Analysis Commodities Energy SwingTrading
the XNG/USD consolidates the biggest daily gains in one month as energy market players reassess the previous day’s rally amid a light calendar and mixed sentiment.
Adding strength to the pullback moves is the RSI line that retreats from the nearly overbought territory. As a result, the Natural Gas Price may witness further declines, at least for the short term. Following that, the 50-day Exponential Moving Average around $2.45 becomes crucial to watch for the Natural Gas bears as a break of which could direct the quote toward the monthly support line of near $2.30.
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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