Natural Gas Price Analysis: XNG/USD retreats from 200-SMA within weekly rising wedge Gas Energy Commodities Technical Analysis ChartPatterns
In doing so, the asset also eases within a one-week-old rising wedge bearishApart from the 200-SMA and rising wedge, the nearly overbought RSI line also teases the Natural Gas sellers.
During the anticipated downside, the previous resistance line from May 26, close to $2.32 at the latest, can act as an extra filter towards the north. On the contrary, an upside break of the 200-SMA hurdle of $2.40 needs validation from the stated wedge’s top line surrounding $2.43 to convince the XNG/USD bulls.
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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