The energy commodity was not able to complete the breakout of the 23.6% Fibonacci retracement at 4.212, the price had a strong pullback of 8% after the pair had made more than 9.5% on the previous session.
The Bollinger bands opened up and they are still opening, which will bring higher volatility to the pair in the short term, the pair trades closer to the upper band, suggesting that the price is relatively high, but as they continue to open, it will allow the price the possibility of a new breakout attempt, this time with more technical elements on its favor to complete it.
The relative strength index is at 53% which will give Natural Gas enough room to climb and potentially complete a new possible breakout. The price traded above the short and long-term moving average which often indicates an uptrend, however, we still have to wait for them to cross to get a trend reversal signal.
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