Natural Gas Price Analysis: XNG/USD fades bounce off one-week-old support near $2.30 Gas Energy Commodities Technical Analysis ChartPatterns
In doing so, the XNG/USD price extends Thursday’s U-turn from the 100-SMA towards a one-week-old horizontal support area surrounding $2.28-27.
As a result, the aforementioned horizontal support area is less likely to hold the XNG/USD bears captive for a long. On the contrary, the 100-SMA joins the 50% Fibonacci retracement level of the commodity’s April-May run-up to highlight $2.35 as the short-term key resistance confluence. 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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