XNGUSD, H4
In the H4 timeframe, XNGUSD is on the decline and tests the trendline.
The Stochastic oscillator is in the oversold zone, and the 50-MA crosses the 100-MA down, giving the asset mixed sentiment.
RBC Capital expects US natural gas prices to rise to $5 and above, driven by rising LNG exports, rising electricity demand, and falling US gas production, which could drive the asset higher.
- If the price rebounds from the 2.70 support, it will rise the asset to 3.08 resistance.
- However, if XNGUSD breaches below the 38.2 Fibonacci, the asset may fall to 2.40 support.
