Natural gas prices have shown a pattern of mixed sideways trading recently, despite consolidating within a bullish channel evident on the chart. The stability around the $2.960 barrier has hindered efforts to achieve significant upward movement thus far.
It is crucial to highlight the importance of settling above the support line of the bullish channel, currently positioned at $2.680. Momentum indicators, such as the stochastic oscillator, are beginning to show positive signals, enhancing the likelihood of breaking through the barrier at $2.960. If successful, the price is anticipated to advance towards $3.150 initially, with further potential to reach a medium-term target around $3.500.
Expected Trading Range: The natural gas price is expected to fluctuate within a range bound by support at $2.770 and resistance at $3.150.
This analysis indicates a bullish trend forecasted for natural gas, contingent upon maintaining support levels and overcoming key resistance barriers. Traders and investors should monitor price movements closely within the identified trading range for potential opportunities.
