Natural Gas Price (XNG/USD) portrays a corrective bounce from the short-term key support while snapping a two-day losing streak around $2.31 heading into Friday’s European session. In doing so, the energy benchmark bounces off a five-wee-long horizontal support area. Even so, XNG/USD remains pressured for the third consecutive week.
It’s worth observing that Natural Gas’s latest rebound lacks support from the MACD and RSI as both the oscillators portray a lack of momentum, which in turn increases the odds of the commodity’s further weakness.
However, a clear downside break of the $2.30-28 support area, encompassing multiple levels marked since February 19, restricts the short-term downside of the Natural Gas price.
Should the quote breaks the $2.28 support, the odds of witnessing a slump toward the monthly low of $2.13, also the lowest level since August 2020, can’t be ruled out.
In a case where the XNG/USD remains bearish past $2.13, the $2.00 will be crucial to watch as a break which could make the quite vulnerable to testing the mid-2020 lows surrounding $1.53.
On the flip side, a convergence of the 21-bar Exponential Moving Average (EMA) joins a downward-sloping trend line from March 05, to highlight $2.37 as the short-term key upside hurdle.
Also acting as important resistance for the Natural Gas price is $2.50 and the 200-EMA level surrounding $2.68.
Overall, Natural Gas price remains bearish but short-term grinding can’t be ruled out.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.