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