Natural gas prices recently surged towards the initial target of $2.340, driven by a bullish rally. However, the market encountered resistance at the 55-day moving average (MA55), leading to a brief bearish correction that saw prices retreat to approximately $2.190.
It is important to note that maintaining stability above the support level of $2.150 is crucial for validating the ongoing bullish trend. Additionally, the stochastic indicator’s rebound to the 50 level suggests that negative pressures are easing. This development is expected to help build the necessary positive momentum to break through the $2.340 resistance and potentially advance towards 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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