Natural gas price witnessed the emergence of a new negative wave yesterday, posing a threat to the stability of the historical support level at $1.540. Although there was a temporary bounce towards $1.650 initially, the market attempted to gather new negative momentum, aiming to reinforce downward pressure for the upcoming period.
Sustained stability below the initial barrier at $1.810, coupled with indications from major indicators suggesting a propensity for negative momentum, necessitates caution. Confirmation of a breach below the mentioned support at $1.540 could trigger further losses, potentially driving the price towards $1.250, with subsequent downside targeting the psychological support level at $1.000.
Today’s anticipated trading range spans between $1.700 and $1.400.
Trend Forecast: Bearish
