Natural gas prices have recently formed a new bullish wave, surpassing the bearish channel’s resistance at $2.220. However, the price faces resistance from the 55-day moving average (MA55) and struggles to maintain levels near $2.290.
To confirm a shift to a bullish trend, the price needs to break above the MA55 and settle above the 50% Fibonacci retracement level at $2.340. Achieving this could set the stage for further gains, with an initial target of $2.450. Conversely, failure to maintain levels above the breached resistance would suggest a return to lower levels, potentially targeting $2.080 and $2.020.
Today’s expected trading range is between $2.340 and $2.210.
Trend Forecast: Bullish
Related topics: