Natural Gas Price Analysis: XNG/USD reverses from support-turned-resistance surrounding $2.55 – by anilpanchal7 Gas Energy Commodities Technical Analysis ChartPatterns
In doing so, the XNG/USD retreats from a six-week-old previous support line, around $2.55 by the press time.
It should be noted, however, that the looming bull cross on the MACD can help recall the XNG/USD bulls in a case where the commodity buyers manage to cross the 200-SMA hurdle of around $2.57. On the contrary, the latest bottom of the XNG/USD price near $2.49 precedes the 61.8% Fibonacci retracement of June’s upside, near $2.47, as well as a six-week-old horizontal support zone of around $2.44-43, to challenge the Natural Gas sellers.
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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