The natural gas market has reinforced its bearish outlook, with prices continuing to trend within the established bearish channel. Recently, the price dropped below the 61.8% Fibonacci retracement level at $2.140, signaling a strong bearish sentiment and setting the stage for further declines.
For the bearish trend to persist, it is crucial for negative momentum to build, which will facilitate further pressure on the $2.020 support level. A break below this level could lead to additional declines, with potential targets extending to $1.930 and $1.860.
Today’s anticipated trading range is between $2.140 and $2.020.
Trend Forecast: Bearish
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