The recent lack of positive momentum in natural gas prices has led to the postponement of the anticipated bullish attack. The price has declined below the MA55 and settled near 2.800. However, the key support at 2.540 has remained stable, confirming the continuation of trades within the bullish trajectory. The outlook suggests a period of mixed and sideways trades until sufficient positive momentum is gathered to reignite the bullish attack.
Presently, the market is characterized by a sideways trend, confined within a tight range delineated by the aforementioned support line and the 3.050 resistance level. This resistance acts as a barrier against the renewed attempt at a bullish rally.
Today’s projected trading range is expected to fluctuate between the support at 2.600 and resistance at 3.000, underscoring the current narrow trading conditions in the natural gas market.
The expected trend for today is classified as bullish, indicating a potential for renewed bullish momentum once positive factors come into play. Traders are advised to monitor the key support and resistance levels closely, as they will play a crucial role in shaping the market dynamics.
