Natural gas prices have recently surged, capitalizing on positive market momentum that pushed values above the critical $50 mark. This rally was further supported by the 55-day moving average (MA55), which bolstered the stability of the additional support line set at $2.140. The price movement has now surpassed the resistance line of a minor bearish channel, opening the way for a potential new bullish trend with an initial target of $2.290.
Maintaining stability above $2.140 is crucial for sustaining the upward momentum and potentially triggering stronger bullish waves. Should this level hold, prices are expected to target the 50% Fibonacci retracement level at $2.340. A breakthrough of this level could propel prices to the next target of $2.440.
For today, the anticipated trading range for natural gas is between $2.180 and $2.340.
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Why Natural Gas Is So Expensive?
