The natural gas price experienced a temporary setback in its upward momentum, with a brief negative wave emerging as the stochastic indicator exited the overbought territories. This led to a test of the $2.000 mark, with the price settling in its proximity.
In the near term, we anticipate a period of sideways trading as the market awaits additional positive momentum to reignite bullish sentiment. It is crucial for the price to rally above the Moving Average 55 (MA55) at $2.070 to facilitate further upward movement towards the next significant target at $2.270.
Today’s projected trading range is forecasted to be between $1.960 and $2.100, with potential for fluctuations within this range.
Overall, the trend forecast remains bullish, suggesting a favorable outlook for natural gas prices in the foreseeable future.