In the latest analysis of natural gas prices, we observed a postponement in the bullish momentum, leading to the formation of a temporary negative wave. This shift was prompted by stochastic indicators exiting the overbought areas, resulting in a test of the $2.000 level, where the price currently resides.
We anticipate the market to enter a phase of sideways trading as it seeks to gather additional positive momentum necessary to renew bullish attempts. It’s crucial for the price to rally above the MA55 at $2.070 to facilitate reaching the next main target at $2.270.
For today’s trading range, we expect support around $1.960 and resistance near $2.100. While the near-term outlook may see consolidation, the overall trend forecast remains bullish as market participants await new momentum to drive prices higher.
