Natural Gas Price Forecast: Shows Continued Strength Following Retracement
Written by Emily J. Thompson, Senior Investment Analyst
Source: NASDAQ.COM
- Natural Gas Trading: Natural gas showed strength by trading near the highs of the previous day, with signs of closing above the downtrend line.
- Technical Analysis: The bounce from a recent low confirmed the 20-Day Moving Average as relevant for the current uptrend. A bullish reversal set the stage for further upward movement.
- Retracement Levels: After a significant advance, a retracement to around 50% occurred, indicating a healthy correction in the price movement.
- Weekly Outlook: A potential weekly bullish pattern may form if support at 2.76 holds and the week ends in the top third of the range, negating the previous bearish signal.
- Future Price Targets: A rally above 3.16 could continue the uptrend, with resistance expected around 3.20 before targeting the swing high of 3.39 from early January.
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.
