The recent performance of natural gas prices has once again affirmed the prevailing bearish sentiment, with multiple closures below the critical resistance line at $2.930. This pattern underscores the market’s tendency to hover around the $2.840 mark, indicating a susceptibility to the downward correction previously anticipated.
A notable observation is the stochastic indicator’s gradual movement towards oversold territory. This development suggests a potential amplification of downward pressure on prices, further bolstering the likelihood of forthcoming bearish momentum. Analysts anticipate the formation of bearish waves in the near term, with a primary target set at the $2.640 level, followed by a potential test of additional support at $2.520.
Expected Trading Range:
The anticipated trading range for natural gas prices is projected between $2.900 and $2.640, highlighting the significance of these levels in guiding market movements.
Trend Forecast:
Given the prevailing market dynamics and technical indicators, the overall trend forecast remains bearish. Investors and traders are advised to exercise caution and closely monitor price movements within the specified trading range to capitalize on potential trading opportunities while managing risk effectively.
