Natural gas prices have recently witnessed a corrective bullish rally, capitalizing on fluctuations above the $2.145 mark. The rally saw prices climb to $2.300, spurred on by stochastic indicators entering overbought territories.
Despite this upward movement, the market remains entrenched within a predominant bearish channel, with a robust resistance forming at the 50% Fibonacci correction level around $2.340. The presence of the MA55 near this level further reinforces its significance.
Analysts maintain a bearish outlook, anticipating a buildup of negative momentum that could trigger a downward trend. Initial targets for this potential downturn include the $2.190 level, with expectations of renewed pressure towards the $2.145 mark. This strategy aims to pave the way for sustained negative trading in the near future.
Today’s anticipated trading range is forecasted between $2.340 and $2.190, underscoring the ongoing volatility and the potential for directional shifts in natural gas prices.
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