Natural Gas Price Forecast: Bull Pennant Signals Potential Rally
Written by Emily J. Thompson, Senior Investment Analyst
Source: NASDAQ.COM
- Bull Pennant Formation: Natural gas is showing a bull pennant trend continuation pattern, supported by the 20-Day MA and 200-Day MAs.
- Upside Breakout Potential: An upside breakout is expected with a rally above 2.83, targeting levels like 3.39 and 3.78.
- Strength in Pattern: The pennant pattern is holding support and testing resistance, potentially leading to a strong rally.
- Consolidation and Energy Build-Up: Price consolidation within the pattern suggests energy building up for the next move, possibly matching or exceeding the prior rally.
- Downside Support Levels: Maintaining support above the 20-Day MA is crucial, with potential downside towards 2.25 to 2.23 if lower support levels are tested.
Analyst Views on XOP
Wall Street analysts forecast XOP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for XOP is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 134.630
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Current: 134.630
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
