Quotes of Natural Gas continue to move as part of the growth and the formation of the reversal pattern ”Head and Shoulders”. At the time of publication of the forecast, the price of Natural Gas is $8.88. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines up, which will indicate pressure from buyers and continued growth from current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 9.25 area. Further, the continuation of the fall of the gas rate to the area below the level of 6.45.
Natural Gas Forecast and Analysis September 16, 2022
An additional signal in favor of the decline in quotations and prices for Natural Gas will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the ”Head and Shoulders” reversal pattern. Cancellation of the option of falling natural gas prices will be a strong growth and a breakdown of the level of 10.25. This will indicate a breakdown of the resistance area and continued growth of quotes to the area above the level of 12.45. The fall in quotes will be confirmed by a breakdown of the support area and closing of Natural Gas prices below the level of 7.15, which will indicate a breakdown of the lower boundary of the Head and Shoulders reversal pattern.
Natural Gas Forecast and Analysis September 16, 2022 suggests an attempt to correct and test the resistance level near the 9.25 area. Further, the continuation of the fall in gas prices with a potential target below the level of 6.45. Cancellation of the option of falling natural gas prices in the near future will be a strong growth and a breakdown of the level of 10.25. This will indicate a continued rise in quotes to the area above the level of 12.45.
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