Natural Gas Price Analysis: XNG/USD drops back towards 200-SMA within falling wedge Gas Technical Analysis ChartPatterns Energy Commodities
Key SMA, impending bull cross on MACD lure XNG/USD buyers.Sellers have a bumpy road to travel unless breaking $2.14.
That said, the commodity’s latest weakness could be linked to the inability to keep the bounce off the 200-bar SMA. However, the looming bull cross on the MACD signal and a one-week-old falling wedge bullish chart formation keep the Natural Gas buyers hopeful.retracement level of its early May upside, near $2.39, precedes the stated wedge’s lower line, close to $2.38 at the latest, to restrict short-term downside of the commodity.formation, multiple supports around $2.
Following that, the previous support line from May 05, close to $2.57 by the press time, could challenge the Natural Gas buyers on their way to the falling wedge confirmation’s theoretical target of around $3.00.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.
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