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Natural Gas Price Analysis: Bearish Trend Forecast

by Daisy

The current scenario for natural gas price remains influenced by persistent downward pressures, characterized by its inability to breach the resistance line of the bullish channel, currently residing at $2.900. Furthermore, stochastic oscillations continue within oversold territories, signaling potential downside momentum, with an anticipated target nearing $2.510.

The ongoing downward momentum may escalate if the $2.510 level is breached, potentially paving the way for further negative trajectories. Initial support is expected at $2.430, followed by a prospective downturn towards the 61.8% Fibonacci correction level at $2.330.

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In terms of trading expectations, the anticipated range is projected between a support level of $2.620 and a resistance level of $2.430.

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Forecasting the trend, the outlook remains bearish, reflecting the prevailing downward momentum and the likelihood of continued negative pressures shaping the natural gas market in the near term.

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