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Upside Breakout Triggers Above 2.83
The stock market is showing signs of an upside breakout with a decisive rally above yesterday’s high of 2.83. This breakout could lead to a bullish breakout of the declining trend channel, with the next higher target at the prior swing high of 3.39 and the 2023 peak at 3.64. The measuring objective of the pennant pattern also suggests a target of 3.78, indicating further potential for growth.
Strong Bullish Position
The stock market is currently in a strong bullish position, holding support of the 20-Day and 200-Day MAs while testing resistance at the top trendline. This could lead to an explosive rally in natural gas, with the potential for a significant uptrend. The minor pullback from the recent trend high is a sign of strength, as buyers may have been waiting for lower prices to enter the market. As the price consolidates within the pennant pattern, energy is building up for the next swing, potentially matching or exceeding the previous rally.
Lower Support Levels
Maintaining support above the 20-Day MA, currently at 2.545, is crucial in the current environment. The recent strength of the 20-Day MA, which has risen above the 200-Day line, indicates positive momentum in the market. However, if lower support levels are tested, natural gas could eventually reach support around 2.25 to 2.23, with the first level being the 50% retracement.
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