The natural gas market recently concluded a phase of corrective bearish retracement, making a significant test of the Moving Average 55 (MA55) at 2.850. This test acted as an additional layer of support, effectively counteracting the prior downward fluctuations. Moreover, this support level augments the likelihood of reinvigorated bullish endeavors in the near future.
The key now lies in securing a gathering of positive momentum, a critical factor that will serve to diminish the probability of a decline towards the major support zone at 2.680. Market participants are keenly waiting for the formation of bullish waves, initially aiming for the 3.100 level. Subsequently, the market may seek to exert renewed pressure on the 3.550 resistance barrier.
In the trading landscape for today, it is reasonable to anticipate a range defined by the upper boundary at 2.850 and the lower limit at 3.100. The prevailing trend appears to be tilting towards the bullish side, with market sentiment favoring upward momentum.
With natural gas prices on the brink of this potentially transformative period, market observers are closely monitoring the development of bullish trends and the gathering of positive momentum. The path ahead appears to be one of optimism as the market seeks to break free from the shadows of the recent correction.
