Natural gas prices successfully surpassed the $2.780 barrier last Friday, initiating a new bullish rally and approaching the key target of $2.970, which acts as a significant resistance level against further upward movement.
The future scenario hinges on the strength of this resistance. Continued fluctuations below $2.970 could trigger a corrective bearish trend, potentially leading prices down to $2.780 and $2.610. Conversely, if prices breach this barrier and settle above it, there is a heightened possibility for new gains, possibly extending towards $3.070 and reaching the recent high of $3.170.
The expected trading range for today is between support at $2.780 and resistance at $2.970.
Trend Forecast: Bearish
Related topics: