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Natural Gas Price Forms Correction, Bullish Outlook Remains

by Daisy

Natural gas prices faced resistance at the bullish channel’s upper boundary, around $4.360, last Friday, which led to a temporary correction and a rebound, bringing the price to settle near $3.800.

Despite this correction, the overall bullish trend remains intact due to the continued stability above the bullish channel’s support at $3.610. Furthermore, stochastic indicators reaching oversold levels increase the likelihood of a positive momentum build-up, potentially driving the price towards $4.030, followed by a retest of the resistance line at $4.360.

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The expected trading range for today is between $3.800 support and $4.030 resistance.

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Trend Forecast: Bullish

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