Natural Gas long view

29 сент. 2022 г.

During the Asian trading session, the price of natural gas was in the range of $6.90-$7.00. In the previous four hours, we have had a positive consolidation that could lead to a break above the $7.00 level. But we are very close to the resistance at the $38.2 Fibonacci level because two days ago, we tried to climb above it, but it was unsuccessful. Now we have another try, and the outcome might be different. By moving above, we would form a new higher high, and then we need to maintain at that level and continue the recovery with a new bullish impulse. Potential higher targets are $7.30 (50.0% Fibonacci level) and $7.50 (61.8% Fibonacci level).