Natural gas prices continue to grapple with a lack of significant developments, resulting in a delay of the anticipated bullish surge. Currently, prices are hovering around the 2.600 level, with the absence of positive momentum partly attributed to the stochastic indicator reaching oversold territory.
The prevailing bias in the market remains somewhat sideways, and this pattern could persist until the necessary positive momentum is accumulated. Once this momentum is achieved, it may give rise to bullish waves, setting the stage for potential price targets around 2.950 and 3.100.
However, it is crucial to closely monitor price behavior. If the price dips below the critical support level at 2.450 and concludes a session with a negative close, this would negate the optimistic outlook, potentially signaling a bearish trend taking hold. In such a scenario, initial bearish targets could include 1.950 and 1.650 levels.
Today’s anticipated trading range is forecasted to oscillate between the support level at 2.500 and the resistance level at 2.750.
In summary, the current trend for today remains uncertain, with the possibility of bullish movements contingent on the accumulation of positive momentum. Conversely, a breach of key support levels could usher in a bearish sentiment in the natural gas market.
