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Natural Gas Price Postpones Bullish Rally – Forecast for July 1, 2024

Natural Gas Price Analysis

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Natural gas prices faced downward pressure recently, driven by stochastic indicators reaching oversold levels. The price slipped below the minor support line of the bullish channel at $2.700, resulting in losses and settling near $2.580.

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The sustained stability below the breached support line indicates potential for further downward movement, with targets set towards the MA55 around $2.460. There’s also potential for testing the key support level at $2.385, which will be critical in determining the next major trend.

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Expected Trading Range

Market analysis suggests a trading range with resistance at $2.680 and support at $2.470 for the immediate trading sessions.

Trend Forecast: Bearish

The trend forecast maintains a bearish outlook for natural gas prices in the near term.

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