Natural Gas Price Analysis: XNG/USD retreats from multi-day-old resistance line to around $2.60 Gas Technical Analysis Commodities Energy SwingTrading
the XNG/USD consolidates the biggest daily gains in one month as energy market players reassess the previous day’s rally amid a light calendar and mixed sentiment.
Adding strength to the pullback moves is the RSI line that retreats from the nearly overbought territory. As a result, the Natural Gas Price may witness further declines, at least for the short term. Following that, the 50-day Exponential Moving Average around $2.45 becomes crucial to watch for the Natural Gas bears as a break of which could direct the quote toward the monthly support line of near $2.30.
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