Natural gas prices have recently experienced a temporary bullish correction, benefiting from trading above the $2.145 level and reaching $2.300. This upward movement comes as stochastic indicators approach overbought territory.
Despite this short-term gain, the price remains within a primary bearish channel. The 50% Fibonacci correction level at $2.340 and the MA55, which is fluctuating near this level, act as significant resistance. These factors suggest that the overall bearish outlook remains intact.
Expectations are for the price to gather negative momentum and potentially target $2.190. A break below this level could lead to renewed pressure on the $2.145 support and continue the bearish trend in the near term.
The anticipated trading range for today is between $2.190 for support and $2.340 for resistance.
Trend Forecast: Bearish
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