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Natural Gas Price Threatens Historical Support – Forecast for March 27, 2024

by Jennifer

Natural gas price witnessed the emergence of a new negative wave yesterday, posing a threat to the stability of the historical support level at $1.540. Although there was a temporary bounce towards $1.650 initially, the market attempted to gather new negative momentum, aiming to reinforce downward pressure for the upcoming period.

Sustained stability below the initial barrier at $1.810, coupled with indications from major indicators suggesting a propensity for negative momentum, necessitates caution. Confirmation of a breach below the mentioned support at $1.540 could trigger further losses, potentially driving the price towards $1.250, with subsequent downside targeting the psychological support level at $1.000.

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Today’s anticipated trading range spans between $1.700 and $1.400.

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Trend Forecast: Bearish

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