Natural gas prices struggled to break through the $2.850 resistance level yesterday, resulting in a temporary negative pullback. As a result, the price has targeted the $2.670 mark. However, the commodity has consistently held above the crucial $2.570 support level, and key technical indicators are showing signs of positive momentum. This suggests that the overall bullish outlook remains intact, with traders awaiting a breakthrough above the current resistance level to pave the way for further upward movement. If this occurs, the next targets for natural gas prices could be $2.930 and $3.030.
On the other hand, a significant decline below the $2.570 support level, accompanied by a negative closing below this threshold, would likely shift the market to a bearish trend. In such a scenario, prices could experience substantial losses, with potential support levels at $2.480 and $2.360.
The expected trading range for natural gas today is between $2.650 and $2.930.
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