Natural Gas News – July 13, 2023
Natural Gas News – July 13, 2023
Natural Gas Price Analysis: 21-DMA prods XNG/USD bulls near $2.65
Natural Gas Price (XNG/USD) retreats from intraday high as bulls and bears jostle around $2.65 during early Tuesday. In doing so, the energy instrument struggles to extend the week-start recovery from the lowest levels in three weeks amid a lack of fresh directives and a cautious mood ahead of Wednesday’s key US inflation data. Apart from that, the 21-DMA hurdle of around $2.66 and bearish MACD signals, as well as the steady RSI (14) line, also challenge the XNG/USD buyers. However, the quote’s sustained trading beyond the $2.50 support confluence including the 50-DMA and a five-week-old rising trend line keeps the buyers hopeful within a three-week-old bullish triangle. Hence, the XNG/USD bulls may want to wait for a clear break of the 21-DMA hurdle of around $2.66 to initiate fresh long positions. Even so, the s…
Natural Gas Price Forecast – Potential Opportunity Shows Itself
The natural gas market experienced a slight pullback during Wednesday’s trading session, maintaining consolidation within a familiar range. This article examines the current dynamics of the market, including the significance of the 50-Day Exponential Moving Average and the potential impact of European supply concerns. Investors seeking long-term opportunities in natural gas should consider certain factors to navigate this period of seasonal weakness. The 50-Day EMA holds considerable technical relevance in the natural gas market and often influences price action. Its proximity to the descending 200-Day EMA suggests a potential period of volatility ahead. While natural gas typically exhibits weakness during this time of year, remaining below the $3 threshold, the summer season may deviate…
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