Some follow-through buying beyond the $3.000 psychological mark will reaffirm the constructive setup and lift the XNG/USD to the next relevant hurdle near the $3.1875 zone. The said area represents the top boundary of a multi-month-old ascending trend channel, which if cleared decisively will mark a fresh breakout and pave the way for additional gains.
On the flip side, the $2.8520 region, or the 200-day SMA, might continue to protect the immediate downside. A convincing break below will expose the monthly trough, around the $2.7150 area before the XNG/USD drops to the $2.6400-$2.6375 confluence. The latter comprises the 100-day SMA and the ascending trend-channel support, which if broken decisively might shift the near-term bias in favour of bearish traders and prompt aggressive selling.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »