Natural gas prices faced resistance at the bullish channel’s upper boundary, around $4.360, last Friday, which led to a temporary correction and a rebound, bringing the price to settle near $3.800.
Despite this correction, the overall bullish trend remains intact due to the continued stability above the bullish channel’s support at $3.610. Furthermore, stochastic indicators reaching oversold levels increase the likelihood of a positive momentum build-up, potentially driving the price towards $4.030, followed by a retest of the resistance line at $4.360.
The expected trading range for today is between $3.800 support and $4.030 resistance.
Trend Forecast: Bullish