Natural Gas could sink to 3.00 – SocGen
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Natural Gas has reached potential support zone of 3.50/3.46 representing the low of December 2021. A break below here would open up further losses to 3.00, strategists at Société Générale report.
“Daily MACD is within deep negative territory denoting an overstretched move.”
“An initial bounce can’t be ruled out however 10-Day EMA at 4.32 and 4.75 are expected to be short-term resistances.”
“In case the decline persists below 3.50/3.46, Natural Gas could dip towards 3.31 and perhaps even towards projections of 3.00.”
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