Natural gas price exhibited mixed trading patterns in the previous session, ultimately settling above the crucial 2.450 level. This reaffirms its inclination toward a correctional bullish bias, with a current position near 2.560. It is worth noting that overcoming the Moving Average 55 (MA55) at 2.640 is pivotal to facilitating further gains. These potential increases could extend toward 2.750 and then 2.920, constituting essential resistance levels before the emergence of a new downward wave.
Moreover, the consolidation of stochastic indicators within the overbought region enhances the likelihood of accumulating positive momentum. This consolidation may serve as confirmation of the market’s readiness to achieve the envisaged correctional targets.
Traders should closely monitor the price action and, in particular, the resistance at 2.640, as a decisive breach will strengthen the bullish scenario.
The expected trading range for today spans from the support at 2.510 to the resistance at 2.750, reflecting the current bullish trajectory. Traders are advised to stay vigilant and adapt their strategies accordingly in response to any market shifts.
