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Since the last review of the price for natural gas on February 3, the price has bounced off the 5.5175/5.5785 zone, which was marked on the chart. The event was followed by a sharp decline and a short lived piercing of the support of the 4.000 mark. The new reference points were used to mark a channel up pattern.
Since mid-February, the price has been recovering. During the recovery, natural gas has been encountering resistance at 5.0000 and 5.2000, Meanwhile, support was provided mostly by he 50-day simple moving average.
If the commodity price continues to surge, it would face resistance at 5.0000, 5.2000 and 5.4000, before approaching the high level zone at 5.5175/5.5785.
However, a potential decline of natural gas is expected to find support in the 4.8000 mark, before approaching the 50-day simple moving average near 4.5330.
Fri, 18 Mar 2022 10:42:47 GMT
Source: Dukascopy Bank SA
Since the last review of the price for natural gas on February 3, the price has bounced off the 5.5175/5.5785 zone, which was marked on the chart. The event was followed by a sharp decline and a short lived piercing of the support of the 4.000 mark. The new reference points were used to mark a channel up pattern.
Since mid-February, the price has been recovering. During the recovery, natural gas has been encountering resistance at 5.0000 and 5.2000, Meanwhile, support was provided mostly by he 50-day simple moving average.
If the commodity price continues to surge, it would face resistance at 5.0000, 5.2000 and 5.4000, before approaching the high level zone at 5.5175/5.5785.
However, a potential decline of natural gas is expected to find support in the 4.8000 mark, before approaching the 50-day simple moving average near 4.5330.