Natural Gas (XNG/USD) price remains mildly bid near $2.33 amid early Tuesday morning, up for the third consecutive day by the press time.
In doing so, the energy asset justify the previous week’s rebound from an upward-slopping support line from the mid-April, as well as an upside break of a fortnight-long resistance-turned-support. Adding strength to the upside bias are the bullish MACD signals and the upbeat RSI (14) line, not overbought.
However, the 50-SMA challenges the XNG/USD bulls around $2.35, a break of which highlights the 200-SMA hurdle surrounding $2.40.
In a case where the Natural Gas Price remains firmer past $2.40, tops marked during late May around $2.60 may act as the last defense of the bears before directing traders toward the previous monthly peak of around $2.82.
Meanwhile, XNG/USD pullback from the 50-SMA needs validation from the previous resistance line, near $2.30 at the latest.
Even so, an upward-sloping support line from April 14, close to $2.18 by the press time, appears a tough nut to crack for the Natural Gas bears and can restrict the commodity’s further downside.
Following that, a slump towards refreshing the yearly low, currently around $2.11 can’t be ruled out.
Peringatan: Pendapat yang disampaikan sepenuhnya merupakan milik penulis dan tidak mencerminkan posisi resmi Followme. Followme tidak bertanggung jawab atas keakuratan, kelengkapan, atau keandalan informasi yang disediakan, serta tidak bertanggung jawab atas tindakan apa pun yang diambil berdasarkan konten ini, kecuali dinyatakan secara tertulis.
Tinggalkan pesan Anda sekarang