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Natural Gas Price Maintains Positive Momentum – Analysis for 1-3-2024

by Jennifer

The natural gas price exhibited continued positivity, marking a new upward close above the 1.800 level. This movement establishes the neckline of a double bottom pattern evident on the chart, enhancing the likelihood of a resumption of the bullish trajectory in both the near-term and medium-term periods.

Additionally, the stochastic indicator indicates positive momentum, further bolstering the probability of surpassing the psychological barrier at 2.000. The market anticipates a direct move towards the 2.200 level, with subsequent targets set at 2.4200, eventually encountering the MA55.

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The projected trading range for the day is expected to fluctuate between 1.850 and 2.100, indicative of bullish sentiment prevailing in the market.

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Expected Trend for Today: Bullish

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