Natural gas prices recently reached a significant support level at $2.020, marking a crucial juncture in its current downtrend. The intraday movement encountered resistance, potentially halting further declines, supported by a stochastic rally above the 50 level. This led to a modest rally towards the $2.080 mark.
Despite this short-term rebound, analysts caution that the broader bearish trend remains intact, characterized by the commodity’s consolidation within a downward channel. A key resistance barrier at $2.150 further reinforces this bearish outlook. Market observers suggest that renewed negative momentum could pave the way for further declines, targeting additional support levels at $1.950 and $1.860.
Looking ahead, the anticipated trading range for today is projected to be between $2.100 and $1.950, reflecting ongoing volatility and uncertainty in natural gas markets.
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