Today, natural gas prices opened with a bearish gap, settling below the critical support level of $2.860 as depicted on the chart. This breach suggests a bearish sentiment prevailing in the market, with expectations of sustained trading below this broken support level. Such conditions are likely to trigger negative price movements, potentially driving prices towards the next support zones at $2.740 and $2.550.
For a shift in sentiment towards a bullish bias, a robust upward rally is essential, necessitating a decisive breakout above the $2.950 resistance level. If achieved, the next targets for bullish momentum would be around $3.200 and potentially up to $3.500.
Expected Trading Range: The anticipated trading range is expected to fluctuate between $2.880 on the upper side and $2.740 on the lower side.
Trend Forecast: Based on the current technical analysis and market conditions, the trend forecast for natural gas prices is bearish. Traders and investors are advised to monitor price action around the identified support and resistance levels for potential trading opportunities in alignment with the prevailing market trend.
