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Natural Gas Price Retreats, Postponing Bullish Momentum

by Jennifer

Natural gas prices exhibited a decline, slipping below the additional support level of 3.250 in the recent trading session. This development suggests a delay in the anticipated bullish move, leading to a corrective downturn that reached 3.120. It’s noteworthy that the stochastic indicator has entered oversold territory, potentially amplifying the negative pressures.

As a result, we anticipate the potential for further downside movements, with potential targets extending towards 2.980 and eventually reaching the critical support level at 2.752.

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The projected trading range for today is expected to fluctuate between support at 2.950 and resistance at 3.300.

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In summary, the prevailing trend for today is anticipated to be temporarily bearish, with natural gas prices experiencing a correctional decline and a postponement of the earlier bullish outlook.

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