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Natural Gas Price Analysis – Forecast for June 21, 2024

Expected Scenario

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The natural gas price has been navigating mixed sideways trades recently, despite consolidating within a bullish channel visible on the chart. This stability is influenced by the significant barrier at 2.960$, which has hindered attempts to achieve new gains thus far.

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To validate a bullish continuation, it’s essential for the price to settle above the bullish channel’s support line, currently around 2.680$. The stochastic indicator is beginning to show positive momentum, which increases the likelihood of breaking through the 2.960$ barrier.

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Expected Targets

If natural gas manages to breach the resistance at 2.960$, the forecast anticipates a direct move towards 3.150$, followed by aiming for the next major target at 3.500$ on a medium-term basis. These levels represent key milestones for potential upward momentum in the market.

Expected Trading Range

The expected trading range for natural gas is between 2.770$ and 3.150$. Traders should monitor price movements within this range, as it indicates both support and resistance levels critical for market dynamics.

Trend Forecast: Bullish

Given the potential breakout scenario and positive momentum indicated by stochastic, the trend forecast for natural gas is bullish for today’s trading session. However, traders should remain vigilant for any developments around the 2.960$ barrier, as a breakthrough or rejection could signal the next directional move in the market.

This analysis provides a strategic outlook for navigating natural gas trading, emphasizing the importance of key levels and momentum indicators in decision-making processes.

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