Commodities
Natural Gas Pulls Back After Reaching New High
Natural gas prices pulled back and consolidated on Friday after reaching a new high of $3.395, completing a key upside target.
The corrective price action followed the completion of a 100% projected target from a rising ABCD pattern at $3.367 (D), which was reached on Thursday and reinforced as resistance by the upper boundary of a rising parallel trend channel.
With both the ABCD target and channel resistance now identified, a deeper pullback or consolidation looks more likely before another attempt at new highs.