Natural gas prices have persistently displayed a clear negative trajectory, influenced by an amalgamation of adverse factors, including a notable barrier at the 3.550 level. Additionally, the stochastic indicator’s descent into the oversold territory has further intensified the bearish sentiment, ultimately pushing prices down to the 3.100 level, as depicted in the chart.
The prevailing market sentiment suggests that the correctional bearish trend is expected to endure in the near-term, potentially leading to further losses. The next focal points for the natural gas market are a move towards the 2.940 level, followed by a critical juncture at the MA55, which is striving to act as additional support, situated at 2.850. Monitoring the behavior of natural gas prices at this juncture will be pivotal in gauging the trajectory towards forthcoming expected targets.
As of today, the anticipated trading range for natural gas is poised to fluctuate between 3.330 and 2.940, with the overall sentiment leaning towards a temporary bearish trend.
