Natural gas price has reverted to slow and sideways trading, hovering around the 3.150 mark. This behavior is influenced by the conflicting signals from major indicators. Notably, the stochastic indicator has moved out of the overbought areas, leading to a delay in the anticipated bullish rally.
Despite this, the stability of the moving average above the crucial support level at 2.600, coupled with attempts to establish additional support at 2.860, creates an environment conducive to accumulating positive momentum. This momentum may potentially pave the way for renewed bullish attempts, with the primary objectives set at 3.400 and 3.950.
Traders are advised to exercise caution and wait for a clearer signal that indicates the gathering of positive momentum before considering significant positions. The expected trading range for the day is projected between the support level at 2.900 and the resistance level at 3.400. The overall trend for the day is anticipated to be bullish, contingent on the ability to accumulate positive momentum in the market.
