The price of natural gas formed its maximum at $ 8.87 on Friday but withdrew very soon after that. The price dropped to $ 7.69 at the beginning of the opening of the Asian session. Since then, we have been in bullish consolidation, and we are now at the $ 8.12 level. If this trend continues, we can expect the price to rise to $ 8.35. A very important zone is at the $ 8.68 level, and if a break occurs above, then the price could jeopardise the $ 9.00 level. To continue on the bearish side, we need to form the first new lower high on the chart in the zone around $ 8.40. With the Fibonacci setting on the chart, the place of resistance is at 61.8% Fibonacci level. Such a scenario would force the price to drop to $ 7.60 and maybe to the $ 7.00 level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.