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HomeLatestNatural Gas Price Delays Bullish Rally – Forecast for August 23, 2024

Natural Gas Price Delays Bullish Rally – Forecast for August 23, 2024

Natural gas prices failed to sustain a breach of the $2.340 barrier, hindered by stochastic negativity. As a result, the price has formed a negative wave and settled around $2.200.

The bullish outlook hinges on the 61.8% Fibonacci retracement level at $2.140, which acts as crucial support. If this support holds, it could enhance the likelihood of gathering positive momentum and testing the $2.340 resistance again, potentially resuming the bullish trend. Conversely, if the price breaks below this support and remains under it, a bearish bias may emerge, with potential targets of $2.050 and $1.950.

Today’s anticipated trading range is between $2.150 (support) and $2.340 (resistance).

Trend Forecast: Bullish

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