Expected Scenario
Natural gas prices have reverted to trading sideways, settling near the minor bullish channel’s support line at $2.720. The decline in the stochastic indicator below the 50 level has influenced this movement, temporarily delaying any bullish attacks.
To sustain bullish momentum, it is crucial for the price to stabilize above the current support line. This stability would facilitate moves towards positive levels, aiming for targets around $3.000 and $3.180 in the near term. However, if new negative pressures emerge and the price dips below the current support, it could trigger a temporary correctional bearish phase. This could lead to losses, with potential declines towards $2.620 and $2.480 before targeting any new positive levels.
Expected Trading Range
- Support: $2.750
- Resistance: $2.980
Trend Forecast: Bullish
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