Natural gas price has persistently engaged in slow sideways movements, hovering around the 2.970 level. The absence of a fresh negative attack can be attributed to the lack of negative momentum, with the stochastic indicator consolidating near the 50 level.
The crucial factor contributing to the prevailing negativity is the consistent stability below the 3.150 barrier. This reinforces the anticipation of a sustained bearish trend, with the market poised to gather the necessary momentum to potentially target the 2.810 level. A breach of this support may extend the downward trajectory towards the next significant target at 2.550.
For today’s trading, the expected range is projected to be between the support at 3.000 and the resistance at 2.810. Traders are advised to remain vigilant, as the market awaits new momentum to define its direction.
Expected Trend for Today: Bearish
