Natural gas prices remain under bearish pressure due to conflicting signals from major indicators, resulting in mixed trading activity around the $2.170 level. It is crucial for prices to remain below the resistance line of the bearish channel at $2.250 to validate the continuation of the downward trend. Should this resistance hold, the price is expected to decline towards the initial target of $1.950. A further breach could extend losses to the next significant target at $1.720.
The stability of the 55-day Moving Average (MA55) near the major resistance level reinforces the bearish outlook, supporting the expectation that prices will stay within the bearish trend and potentially build additional negative momentum.
The anticipated trading range for today is between support at $1.950 and resistance at $2.220.
Trend Forecast: Bearish
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