Commodities
Natural Gas Surges Past $3.39
Natural gas has broken out above its 200-day moving average, reaching a 13-week high of $3.395 on Thursday.
This move is supported by lean storage expectations and technical recovery, with buyers remaining in control at the time of writing.
The price of natural gas has reached its first key upside target defined by the 100% projection of a rising ABCD pattern at $3.367, which is also reinforced as a resistance zone by the 88.6% Fibonacci retracement of the prior decline at $3.333.
A sustained move above this initial resistance zone would strengthen the case for continued upside, with traders watching pullbacks carefully for evidence of sustainable support that could lead to a bullish continuation.