Natural gas prices have made an attempt to establish some positive stability above the $2.940 level, potentially marking the end of a bearish correctional rebound. This positive momentum is supported by the stochastic indicator, which has entered oversold territory. If prices continue to gather positive momentum, there may be a chance of forming bullish waves. In such a scenario, the price could rally to around $3.250 and make attempts to break through the resistance at $3.550, potentially leading to further gains in the near and medium term.
However, if new bearish pressures emerge and push the price below $2.940, it could lead to a resumption of the bearish correctional attempts. In this case, the price might experience further losses, potentially reaching the additional support at $2.820, with a downside target of $2.550.
Today’s Expected Trading Range: $2.900 – $3.250
Today’s Trend: Bullish
