In a recent development, natural gas prices have experienced a setback, pushing it to delay its previously anticipated bullish upswing and giving way to some corrective bearish movements. The market is currently hovering around the support level at 3.100.
It’s important to note that prolonged stability below the additional barrier at 3.550 could potentially lead to a breach of the current support level, possibly resulting in further declines. In such a scenario, the price may edge closer to 2.940 and eventually 2.800 before establishing any new positive targets.
For today’s outlook, traders are advised to keep an eye on a trading range with an upper limit at 3.400 and a lower boundary at 2.940. The prevailing trend is expected to be temporarily bearish.
