FxNews—Natural Gas price pulled back from the 100-period simple moving average at approximately $2.88, heading toward the broken 50-period SMA to test it as resistance. As of this writing, NATGAS trades at about $3, slightly above the October 1 low.
The 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.
NATGAS Analysis – 11-October-2024
The primary trend should be considered bullish because the price is above the 100-period simple moving average. Additionally, the Awesome Oscillator histogram is green, approaching the signal line from below, indicating that the bullish wave from $2.88 is strengthening.
Furthermore, the RSI 14 depicts 53 in the description, flipped above the median line, meaning the bull market should be taken more seriously.
The Stochastic Oscillator backs RSI 14 and records 63 in the description, indicating that the Natural Gas price is not overpriced and that the current uptick momentum can target higher resistance levels.
Overall, the technical indicators suggest the primary trend is bullish and should resume.
NATGAS Price Forecast – 11-October-2024
The 100-period SMA plays the primary resistance to the bullish trajectory in the NATGAS price. From a technical standpoint, bulls are likely to target the %50 Fibonacci retracement level at $3.04 if the 100-SAM holds. Furthermore, if the buying pressure exceeds $3.04, the next bullish target could be the 61.8% Fibonacci at $3.08.
Please note that the bullish strategy should be invalidated if the price falls below the critical resistance level of $2.88.
NATGAS Bearish Scenario
If bears (sellers) close and stabilize the Natural gas’s price below $2.88, the trend should be considered bearish. In this scenario, the fall from $3.20 can potentially target the September 26 low at $2.82.
Additionally, if the selling pressure pushes the NATGAS price below $2.82, the bulls’ path to the AB wave’s %50 Fibonacci retracement level at $2.66 could be paved.
- Also read: Oil Uptrend Resumes Amid Hurrican Milton
NATGAS Support and Resistance Levels – 11-October-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $2.88 / $2.82 / $2.66
- Resistance: $3.04 / $3.08 / $3.2
