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Natural Gas Price Analysis for April 17, 2024
Natural gas formed lower highs and found support at the $1.650 level, creating a descending triangle pattern on its hourly time frame. Price is testing support and could be due for another bounce to the top. The 100 SMA is below the 200 SMA, though, so the path of least resistance is to the downside. In other words, support is more likely to break than to hold, possibly leading to a selloff that’s the same height as the chart formation. However, stochastic has been indicating oversold conditions for quite some time, so pulling higher would mean that buyers are returning and could take natural gas up to the triangle ... (full story)