Natural Gas Price Analysis:
As of May 31st, 2024, the price of natural gas remains under negative pressure. The price is currently holding below the bullish channel’s resistance line at $2.900, and stochastic indicators are fluctuating within the oversold areas. This setup suggests that the price is approaching its negative target at $2.510.
Expected Scenario:
The continuous negative pressure is likely to force the price to break below the $2.510 level, opening the path to new lower targets. These targets include $2.430 initially, followed by the 61.8% Fibonacci correction level at $2.330. Maintaining a position below $2.900 is crucial for this bearish outlook to persist.
Expected Trading Range:
For the upcoming sessions, traders should anticipate natural gas prices to trade within a range of $2.620 as support and $2.430 as resistance. This range highlights the potential price fluctuations within the current bearish trend.
Trend Forecast:
The trend forecast for natural gas remains bearish, with the price expected to continue its decline. The break below key support levels and ongoing negative pressures reinforce this outlook, suggesting further downward movement in the near term.
