Natural gas prices have recently encountered a shift in momentum, with a postponement of bullish activity giving way to a negative correction. Crawling below the $2.930 level, the market has witnessed a downturn, with losses extending towards $2.750.
Analysis indicates a persistent downtrend, marked by continuous negative closings below the $2.900 resistance level. Stochastic indicators further reinforce this sentiment, with attempts to reach oversold territories suggesting the likelihood of additional negative waves. Analysts anticipate a downward trajectory, with initial targets set at $2.640, followed by a potential test of support at $2.520.
In terms of expected trading range, the market is poised between the $2.900 support level and the $2.640 resistance level.
As per trend forecasts, the outlook remains bearish for natural gas prices in the near term.