Natural gas prices have remained relatively stable, hovering near the $2.650 mark, as they continue to exhibit a sideways trend. This price consolidation is attributed to the conflicting signals generated by the stochastic indicator, which is currently edging lower, approaching oversold territory.
Counterbalancing this technical aspect is the essential support level at $2.450. This steadfast support level plays a pivotal role in affirming the prevalence of a bullish sentiment in the market. In light of this, there is a growing anticipation of a bullish onslaught, with initial targets set at $3.100, followed by the $3.550 threshold.
Today’s projected trading range is expected to fluctuate between $2.600 and $2.950, indicating the potential for price volatility in the natural gas market.
In summary, the prevailing trend in the natural gas market for the day is expected to lean towards a bullish outlook, contingent upon the robust support at $2.450 and the potential price targets at $3.100 and $3.550.
