Natural Gas Price Analysis: XNG/USD rebound needs validation from $2.90 and US data – by anilpanchal7 Gas Energy Technical Analysis ChartPatterns Commodities
session on Tuesday. In doing so, the XNG/USD struggles to extend recovery from the 50-bar Exponential Moving Average and an upward-sloping trend line from August 02.
It’s worth noting, however, that a seven-week-old horizontal resistance area surrounding $2.90 restricts the immediate upside of the XNG/USD.In a case where the energy instrument remains firmer past $3.00, the recent multi-month high of around $3.06 may prod the XNG/USD bulls before directing them to the stated bullish channel’s top line surrounding $3.08.
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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