After reaching a significant resistance level and forming a Double Top Chart Pattern at $3.00, Natural Gas (NGAS) has begun a notable decline, signaling a potential shift in market sentiment. Currently, a bearish "Death Cross" formation is on the horizon, as the 20-day moving average (MA) appears poised to cross below the 60-day MA. This technical event is widely considered a strong bearish indicator, suggesting increased selling pressure ahead. Furthermore, while the Relative Strength Index (RSI) remains low, it has yet to dip into oversold territory, implying there is still room for additional downward movement before exhaustion sets in.
Traders and analysts are eyeing key Fibonacci retracement levels for possible support zones. The first target on the downside is around the $2.80 mark, corresponding to the 50% Fibonacci retracement level, which often serves as a critical pivot point. Should the selling pressure persist, a deeper decline towards the $2.77 level is possible, aligning with the 61.8% Fibonacci retracement, a classic area where prices might attempt to find some stability. Overall, the technical setup points to continued bearish momentum unless strong buying interest emerges.
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