Natural Gas Price Analysis: XNG/USD eases from 200-SMA within symmetrical triangle as Fed decision looms Gas Technical Analysis ChartPatterns Commodities Energy
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Apart from the chart pattern suggesting sideways of the energy instrument, the sluggish MACD signals and the RSI line’s retreat from the above-50.0 area also challenge the XNG/USD traders. Following that, the stated triangle’s bottom line of around $2.27 will be in the spotlight as a break of which could quickly drag the Natural Gas Price towards refreshing the yearly low, currently around $2.11. It should be noted that May’s bottom of near $2.17 can act as an intermediate halt during the anticipated fall.
Also acting as the short-term key upside barrier for the Natural Gas price is the stated triangle’s upper line, close to $2.42 at the latest, a break of which can refresh the monthly high of around $2.43 by approaching the 50.0% and 61.8%Trend: Limited downside expectedInformation on these pages contains forward-looking statements that involve risks and uncertainties.
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