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Natural Gas Price Needs New Positive Momentum – June 28, 2024

Natural Gas Price Analysis

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Natural gas prices are currently experiencing a lack of positive momentum, leading to new sideways trading patterns. The price has stabilized near the support line of a minor bullish channel around $2.700. Additionally, the 50% Fibonacci correction level offers additional support at $2.580, reinforcing the bullish scenario for upcoming trading sessions.

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Expected Scenario

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Given these factors, a bullish outlook is maintained, with expectations of a potential rally above $2.840 in the near term. This could pave the way for further targets at $3.000 and $3.180 as the price seeks to resume its upward trajectory.

Expected Trading Range

The anticipated trading range for today is between the support level at $2.700 and the initial resistance level at $3.000.

Trend Forecast: Bullish

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