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Today's low for natural gas, 2.14, marked the conclusion of the 50% retracement of the short-term rise. The day's range has been quite small, and it is on pace to end in the green. A breakthrough over Thursday's high of 2.27 might serve as a pivot buy opportunity after a two-day retracement if an uptrend is beginning. When the daily close surpasses this week's high of 2.39, it would be the next indication of strength. Failure of the breakthrough would occur if prices fell below today's low.

Natural gas might continue to rise if it rises from here.

Should natural gas establish a bull trend continuance on break above this week's high, there are two first key objectives. The first is at 2.67, a weekly high. A target zone from the end of a measured advance at 3.01 and the last substantial swing high from March at 3.03 is located higher and more significantly. On the graphic, rising purple arrows represent the measured movements. The symmetry between swings may be seen in this manner. When it does, it may draw attention to important pivotal or target spots. Either opposition or more progress toward the next objective may be noticed.

Consolidation Bottom Triangle Forms

Natural gas is contained inside an evolving expanding triangle formation, even if a trend continuation may be set to begin. This consolidation pattern has the potential to either signal the continuance of the trend or its reversal. With each breakout, whether up or down, uncertainty returns, and the price range widens. Finding a proven breakout that can persist may consequently be more challenging.

Favored Upside Movement

As previously said, the present circumstance seems to be favoring an uptick in activity. Nevertheless, depending on how high the price moves after a move down, it could or might not happen soon. Natural gas may thus be halted close to the top trendline of the expanding formation if there is a breakthrough above this week's high. This can result in more choppy movements within the pattern's confines.

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