Natural Gas (NGAS) prices are showing strong upward momentum today, following a solid bounce off the $2.82 support level observed yesterday. The asset has gained traction, with buyers taking clear control, as indicated by a bullish crossover where the 20-day moving average (MA) has risen above the 60-day MA. This technical signal suggests increasing buying pressure and could indicate a potential shift towards a stronger uptrend. However, the $3.00 level is a critical psychological and resistance zone, as a Multiple Top chart pattern has formed in this area. This setup might trigger short-term profit-taking, leading to a potential pullback. If a correction does occur, prices may retrace to around $2.87, aligning with the 38% Fibonacci retracement level. This pullback could serve as an attractive entry point for traders looking to capitalize on the prevailing uptrend, offering a more favorable buying opportunity before the next potential rally. In the bigger picture, as long as support holds, the broader bullish outlook remains intact for NGAS.
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