Natural Gas price touches a three-week high, around the $2.9220 area during the Asian session on Thursday, albeit lacks follow-through buying and now
From a technical perspective, the recent goodish rebound from the vicinity of the 100-day Simple Moving Average , which coincided with the lower end of an ascending channel extending from the June swing low, favour bullish traders. Furthermore, oscillators on the daily chart are holding comfortably in the positive territory and support prospects for an extension of the recent rally witnessed over the past week or so.
On the flip side, any meaningful pullback might now be seen as a buying opportunity and remain limited near the $2.8000-$2.7500 horizontal zone. Some follow-through selling, however, might expose the aforementioned confluence support, around the $2.600 area. Some follow-through selling below the latter will confirm the trend-channel breakdown and shift the near-term bias in favour of bearish traders.
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