Natural gas prices successfully surpassed the $2.780 mark last Friday, signaling a new bullish rally. The next significant target for prices is $2.970, which serves as a key resistance level against further bullish movements.
The future trajectory of natural gas prices hinges on the strength of this resistance. If prices continue to trade below the $2.970 barrier, a corrective bearish trend may emerge, potentially driving prices down to $2.780 and even $2.610. Conversely, if the barrier is breached and prices settle above $2.970, the likelihood of further gains increases. This scenario could see prices climbing towards $3.070, eventually reaching the recent high of $3.170.
Today’s expected trading range for natural gas is between $2.780 and $2.970.
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