As of February 8, 2024, the natural gas price has sustained its downward trajectory, building on negative momentum indicated by the decline in stochastic levels towards oversold regions. The market settled near 1.970, aligning with the earlier forecast of a bearish scenario. The current outlook anticipates the initiation of robust negative waves with an attempt to breach the support level at 1.850. A successful break below this point could pave the way for testing the historical support at 1.560. Traders are advised to closely monitor price behavior for insights into potential future targets.
The projected trading range for the session spans between 2.100 and 1.850, reflecting the prevailing bearish sentiment.
Forecasted Trend for Today: Bearish
