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Blackstone Group (BX.N) shares fell 1.7% in pre-market trading after announcing its first-quarter results.On April 23, Berenberg Bank stated that the UK PMI was unexpectedly strong, suggesting that the UK economy may maintain some growth momentum in the second quarter. However, it also means that the Bank of England may have to raise interest rates to prevent inflation. If further evidence from the Bank of Englands policymaking panel confirms downward pressure on wages, this could prompt the bank to raise interest rates next week.On April 23, Berenberg Bank stated that the war with Iran is exacerbating inflationary pressures in the Eurozone, and the European Central Bank (ECB) is closely monitoring the situation. PMI data shows that input costs and output prices both rose at their highest levels in over three years in April. The extent to which these costs are passed on to consumers varies, with Germany experiencing a more pronounced effect than France. At next weeks meeting, the ECB is likely to keep its key interest rate unchanged. However, if the conflict escalates further, causing high input costs to be directly or indirectly passed on to consumer prices, the pressure on the ECB to raise interest rates will increase.According to LESG data, European companies are expected to report first-quarter earnings growth of 3.2%, higher than the 2.8% growth forecast a week ago. European companies expect first-quarter revenue growth of 0.4%, unchanged from the forecast a week ago.Barclays lowered its price target for Boston Scientific (BSX.N) to $96 from $100. It raised its price target for Texas Instruments (TXN.O) to $250 from $175.

Natural Gas Price Analysis: XNG/USD appears poised to retest multi-month lows close to $2.00

Alina Haynes

Mar 29, 2023 14:25

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Natural Gas (XNG/USD) maintains losses near $2.20 as bears test the yearly low established in February. In doing so, the energy quotation remains lethargic following two consecutive days of decline.

 

The XNG/USD bears applaud the sustained trading below a two-week-old descending resistance line, around $2.27 at the time of writing, amidst bearish MACD signals and the absence of an oversold RSI. (14).

 

Consequently, the price of natural gas appears poised to fall below the yearly low of $2.13, which accentuates the $2.00 psychological magnet.

 

However, the early July 2020 high around $1.97 and the 61.8% Fibonacci Expansion (FE) of its moves during early January-March 2023, around $1.80, could challenge the Natural Gas skeptics later, in conjunction with a likely oversold RSI line.

 

In contrast, a break above the stated immediate resistance line, near $2.27, is not an open invitation to Natural Gas purchasers, as another downward-sloping trend line from the beginning of the year, near $2.40 at the latest, functions as a further check on the XNG/USD bulls.

 

If the price manages to remain firmer than $2.40, there is no reason to rule out a rally toward the mid-March high of $2.75.


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