National Fuel Gas NFG-N declined from $75.96 in 2022 to $45.40 earlier this year (A-B) while trading below a falling trendline (dotted line) and the falling 40-week Moving Average (40wMA). The stock rallied above these indicators recently to signal the end of the downtrend (C). After a minor pullback to the average (D), National Fuel Gas reached a higher high to signal the start of a new uptrend (E).
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. There is good support near $58-59; only a sustained decline below the average (currently near $55-56) would be negative.
Point & Figure measurements provide targets of $64 and $69. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com