Natural Gas Price Analysis: XNG/USD stays bearish below $2.40 key level Gas Technical Analysis Energy Commodities ChartPatterns
Downside break of 200-SMA, three-week-old ascending trend line joins bearish MACD signals to favor XNG/USD sellers.Natural Gas consolidates the heaviest daily fall in five weeks, marked the previous day, around $2.38 during early Thursday.
That said, the Natural Gas price is currently declining towards the early-month swing high of around $2.36, a break of which will open doors for the XNG/USD’s fall towards the multiple support zone surrounding $2.30-28. On the flip side, the aforementioned support-turned-resistance guards immediate XNG/USD recovery around $2.40.
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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