NATGAS Faces Major Resistance with Middle East Calm
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FxNews—U.S. Natural Gas is testing the 38.2% critical resistance level at $2.38. Meanwhile, the Stochastic Oscillator warns traders that NATGAS is overpriced in the short term.
From a technical perspective, a new bearish wave could be on the horizon if $2.38 holds. In this scenario, the bears' initial target could be $2.28, the 23.6% Fibonacci support level.
From a technical perspective, a new bearish wave could be on the horizon if $2.38 holds. In this scenario, the bears' initial target could be $2.28, the 23.6% Fibonacci support level.
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The Stochastic's overbought signal caused the NATGAS price to fall below the 23.6% Fibonacci retracement level. The immediate resistance remains valid at $2.38. That said, the next bearish target could be $2.2, followed by the $2.1 support.
The bearish outlook should be invalidated if NATGAS exceeds $2.38.
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