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Natural Gas Price Fluctuates Near the Support – Forecast for June 27, 2024

Natural Gas Price Analysis

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Expected Scenario

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Natural gas prices have reverted to trading sideways, settling near the minor bullish channel’s support line at $2.720. The decline in the stochastic indicator below the 50 level has influenced this movement, temporarily delaying any bullish attacks.

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To sustain bullish momentum, it is crucial for the price to stabilize above the current support line. This stability would facilitate moves towards positive levels, aiming for targets around $3.000 and $3.180 in the near term. However, if new negative pressures emerge and the price dips below the current support, it could trigger a temporary correctional bearish phase. This could lead to losses, with potential declines towards $2.620 and $2.480 before targeting any new positive levels.

Expected Trading Range

  • Support: $2.750
  • Resistance: $2.980

Trend Forecast: Bullish

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