Natural Gas Price (XNG/USD) recovers from the lowest level in a fortnight while rising 0.91% intraday to $2.67 amid early Wednesday. In doing so, the
Natural Gas rebounds from 12-week-old rising support line to consolidate the biggest daily loss in a week.Horizontal area from early July and top of June act as additional filters toward the north.Natural Gas Price recovers from the lowest level in a fortnight while rising 0.91% intraday to $2.67 amid early Wednesday.
Apart from the stated support line, the steady RSI also underpins the Natural Gas rebound toward a convergence of the three-week-old descending resistance line and 61.8% Fibonacci retracement of March-April fall, near $2.71. It’s worth noting that June’s peak of $2.93 and the $3.00 threshold will act as the last defenses of 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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