8
Natural gas prices have formed a new bullish trend after breaking through the bearish channel’s resistance at $2.220. The prices are now challenging the 55-day moving average (MA55), which could pose an additional barrier to reaching the $2.290 mark.
For a confirmed bullish trend, prices need to exceed the MA55 and close above the 50% Fibonacci correction level at $2.340. Such a move could potentially push prices towards an initial target of $2.450. Conversely, if prices fall back below the breached resistance level, they may trend towards lower support levels at $2.080 and $2.020.
The anticipated trading range for today is between $2.340 and $2.210.
Related topic:
Natural Gas Vs Propane: What Is The Difference?
