Natural Gas Price Analysis: Bulls Cheer 100-EMA Breakout To Refresh Three-Month High, $3.0 In Focus

Natural Gas Price (XNG/USD) remains on the front foot at the highest levels since March, up 1.60% near $2.87 amid early Monday, as the quote justifies the upside break of the previous key technical hurdles despite mixed oscillators.

That said, a clear upside break of the 100-day Exponential Moving Average (EMA), around $2.83 by the press time, allows the Natural Gas Price to aim for March’s peak of around $3.0820.

However, the overbought RSI (14) conditions may prod the XNG/USD near the $3.0 round figure.

In a case where the Natural Gas Price remains firmer past $3.08, the odds of witnessing a run-up towards the $4.0 round figure and then to the yearly top surrounding $4.30 can’t be ruled out.

On the flip side, the 100-EMA and previous resistance line from March, respectively near $2.83 and $2.71, restrict the short-term downside of the Natural Gas price.

Following that, a four-month-old horizontal support zone around $2.10, quickly followed by the $2.00 psychological magnet, will challenge the XNG/USD bears.

Overall, the Natural Gas Price appears lucrative for the CNG/USD bulls even if $3.08 seems a short-term peak.

 

Natural Gas Price: Daily chart

(Click on image to enlarge)


More By This Author:

USD/CAD Slips Below 1.3200 As US Dollar Retreats Ahead Of US/Canada Inflation, Ignores Downbeat Oil Price
EUR/USD Pares Recent Losses Around 1.0900 With Eyes On EU/US Inflation, ECB Forum
Gold Price Forecast: XAU/USD portrays bearish consolidation on growth, geopolitical clues, US inflation eyed

Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments