Natural Gas Price Analysis: XNG/USD prods immediate support line around $2.70, death cross lures bears – by anilpanchal7 Gas Energy Commodities Technical Analysis ChartPatterns
treat at the start of the key week comprising top-tier data/event. In doing so, the energy instrument snaps four-day winning streak while posting the biggest daily loss, so far, since July 17.
However, the 50-SMA pierces the 200-SMA from above and portrays the “death cross” bearish moving average crossover to lure the XNG/USD sellers. Adding strength to the downside bias is the looming bear cross on the MACD and a descending RSI line, not oversold. In a case where the XNG/USD remains bearish past $2.62, the odds of witnessing a downturn towards the monthly low of around $2.47 can’t be ruled out.
Following that, tops marked in June and March, respectively near $2.98 and $3.07, will be in the spotlight.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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