Natural Gas price struggles to capitalize on the previous day's strong intraday rally from the $2.8520 area and oscillates in a narrow trading band du
Some follow-through buying beyond the $3.000 psychological mark will reaffirm the constructive setup and lift the XNG/USD to the next relevant hurdle near the $3.1875 zone. The said area represents the top boundary of a multi-month-old ascending trend channel, which if cleared decisively will mark a fresh breakout and pave the way for additional gains.
On the flip side, the $2.8520 region, or the 200-day SMA, might continue to protect the immediate downside. A convincing break below will expose the monthly trough, around the $2.7150 area before the XNG/USD drops to the $2.6400-$2.6375 confluence. The latter comprises the 100-day SMA and the ascending trend-channel support, which if broken decisively might shift the near-term bias in favour of bearish traders and prompt aggressive selling.
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