The energy commodity hit a new high once again; the commodity reached $5.683 on September 15th, a level we had not seen since February 2014.
After reaching its highest level in more than seven years, the price naturally found a retracement and currently trades at 5.007, the support from our 23.6% Fibonacci retracement is at 4.922. We could see the price of Natural Gas retrace more as the current level is high.
The Bollinger bands are extensive, and volatility should be high in the upcoming trading sessions. The price made a correction after it was trading closer to the upper band; with this correction, the relative strength index exited the overbought status, and it's now at 61%; the price could find support at the Fibonacci retracement and potentially trade in the 5.35 levels this week, we would have to wait and see if the support is strong enough to hold the retracement.
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