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The day's low of 2.21 in the price of natural gas serves as support after a further retracement. The uptrend line's support is successfully tested by today's dip, and it holds. The current upward movement off the swing low of 2.14 should be able to continue. A bullish hammer candlestick pattern will be completed today. A rise above today's high of 2.32 will show a bullish signal, which will be further supported by a move above the most recent swing high of 2.38. Natural gas will go toward the Fibonacci levels as seen on the chart once there is a daily closing above that swing high.

Immediately after the First Low Natural Gas Rally 54%

Natural gas first reached a low at 1.97 (1) in February during the fall that began at the August 2022 swing high. A 53.9% increase followed that low in just seven days. A correction that began at the top and continued all the way down to a new trend low at 1.95 (2) followed that peak. After that, there was an increase of 30% in April and a gain of 32.2% in May.

Advance Structure at the Moment

Since the beginning of the current advance on June 1, natural gas prices have risen by as much as 11.4%. Natural gas still has additional upside potential based only on previous rallies. Between 2.77 and 2.83 is the initial core target zone. The Fibonacci confluence, the 100-Day EMA, the completion of an ABCD pattern, and the top trendline of the ascending parallel trend channel are all located in that price range. The aim is about 20% more than natural gas market levels at the moment.

Natural Gas's Potential for Growth

Natural gas appears to have more upside potential than downside potential given the evolving pricing structure of the bottom. Although the bulls have had a difficult couple of months, markets eventually develop and change. Additionally, natural gas will. With a string of higher swing highs and higher swing lows, a clear uptrend has been forming. Support is provided after each decrease to prevent new lows. Until a dip below and subsequent closure below the most recent swing low at 2.16 occurs, that will remain the case.

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