Is a Retreat or Rally in Store for Natural Gas Prices?

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Unlocking Opportunities: Upside Target at 200-Day Moving Average

As a savvy investor, you know the importance of technical indicators in determining potential price targets. The 200-Day Moving Average (MA) is a key indicator that can signal a higher price range, currently at 2.46. Combined with the 50% retracement, this sets a realistic target for the current rally. However, there are additional factors pointing to a significant price range of 2.37 to 2.46. The 2.37 price level serves as an initial target derived from measuring the bottom symmetrical triangle that natural gas broke out of on April 26. Furthermore, a rising ABCD pattern with the CD leg extended by 161.8% of the AB leg completes at that price.

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Strategic Insights: Measured Move Targets 2.40

In the dynamic world of trading, understanding measured move targets can provide valuable insights. A measured move target of 2.40 completes price symmetry with the last large rally that began from the December swing low. This target aligns with a 51.8% increase, similar to the previous rally. While reaching this target is not guaranteed, having multiple indications converge on a similar price area warrants attention.

Gaining an Edge: Weekly Close May Provide a Clue

As the week draws to a close, observing the closing price relative to the weekly trading range can offer valuable clues. A higher close above the halfway point of the weekly range, at 2.24, signals strength. Additionally, this week’s low of 2.13 serves as a key pivot level, marking a third consecutive higher weekly low. These factors can provide valuable insight into potential market movements.

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