The natural gas price is once again navigating the vicinity of the crucial major support line at 2.8000, displaying a pattern of fluctuation as it grapples with sustained negative pressures. The ongoing endeavor to find a path towards the bearish trajectory is evident.
The Stochastic indicator’s attempt to approach oversold areas, coupled with the Moving Average 55 (MA55) forming a fresh barrier by stabilizing at 2.970, prompts a cautious approach. Market observers are advised to await the crucial break below the support level, signaling the initiation of a decline towards the initial negative stations at 2.680 and potentially 2.550.
The anticipated trading range for today is projected between 2.900 and 2.680, with the overall trend favoring a bearish trajectory.
In summary, natural gas prices appear poised for a decline, with the focus on the critical support level at 2.8000. The confirmation of a break below this level could usher in a bearish trend, targeting specific stations in today’s trading session. Traders are encouraged to remain vigilant and monitor key levels for potential developments.
