Natural Gas Price Succumbs to Negative Pressures, Forms Head and Shoulders Pattern

Natural gas prices have verified their submission to negative pressures, falling below the 3.100 level last Friday. The price action has resulted in the formation of a head and shoulders pattern, clearly visible on the chart, with the current position near 3.950.

The sustained downward momentum, corroborated by major indicators, is anticipated to reinforce the bearish trajectory. The next projected target lies at the 2.750 support line. A breach of this support could extend the losses towards 2.550 on a medium-term basis.

For today’s trading, the expected range is between 3.050 (support) and 2.750 (resistance).

Today’s Trend: Bearish