Natural Gas Price struggles to defend the corrective bounce off multi-day low after breaking an ascending trend line from early June the previous day, now immediate resistance around $2.65. That said, bearish MACD signals add strength to the downside bias surrounding the XNG/USD.
However, a convergence of the five-week-old rising trend line and the 100-DMA, around $2.54, acts as a tough nut to crack for Natural Gas sellers.
Meanwhile, a downward-sloping resistance line from August 10 and the 50-DMA, close to $2.67 and $2.70 in that order, act as additional upside filters for the XNG/USD, apart from the support-turned-resistance surrounding $2.65.
In a case where the Natural Gas Price remains firmer past $2.65, the previous monthly high of around $2.78 will be in the spotlight
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