Natural Gas Price Forecast: Healthy Pullback in Prep for Bull Continuation
Written by Emily J. Thompson, Senior Investment Analyst
Source: NASDAQ.COM
- Natural Gas Price Movement: Natural gas prices are pulling back from recent highs, reaching a new low of 2.87 with potential for further decline before the week ends.
- Support Levels: Support is expected around the uptrend line at 2.84 to 2.82, but if it fails, the price could drop further.
- Trend Adjustment: A lower slope angle in the trend may be necessary as steep trends can lose momentum, while shallower trends tend to increase in angle over time.
- Weekly Outlook: The weekly chart shows a bearish shooting star pattern, similar to previous weeks that led to a brief drop before continuing the uptrend.
- Future Projection: Despite retracements, there is potential for natural gas to continue rising towards a target of 3.78, indicating more upside in the current trend.
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.
