Natural Gas Price Analysis: XNG/USD rebound eyes $2.31-32 resistance confluence Gas Energy Commodities Technical Analysis ChartPatterns
The energy instrument dropped to the lowest level since mid-April the previous day but failed to provide a decisive break of a horizontal support zone comprising multiple levels marked since late March.
It’s worth noting, however, that a convergence of the 200-SMA and a three-week-old horizontal resistance area, around $2.31-32, appears a tough nut to crack for Natural Gas buyers. Alternatively, the $2.20 round figure may act as immediate support ahead of the aforementioned $2.17 level comprising a horizontal line stretched from late March.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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