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07.08.202405:58 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Natural Gas Commodity Asset, Wednesday August 07, 2024.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 07.08.2024 analysis

Although currently the natural gas commodity asset is weakening, which is indicated by its price movement moving harmoniously within the Bearish Pitchfork channel and its price movement moving below the EMA 20 & EMA 50, however, with the appearance of a deviation pattern between the price movement and the Momentum indicator, it gives an indication that in the near future there will be a strengthening correction in #NG where the level of 2,147 will try to be broken upwards if successful then #NG will continue its strengthening correction to the level of 22.68 as its main target and 2,439 as the next target if momentum and volatility support it, however if on its way to the target levels suddenly #NG returns to its initial bias, especially if it breaks down below the level of 1,855, then all strengthening correction scenarios that have been described previously will become invalid and canceled by themselves.

(Disclaimer)

Arief Makmur
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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