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Natural Gas Price Presses on the Moving Average – Forecast for July 2, 2024

Natural Gas Price Analysis:

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Expected Scenario:

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Natural gas price has confirmed its alignment with the correctional bearish trend by closing below the $2.780 barrier, moving towards the MA55 at $2.470, and hitting the first target mentioned in our previous report. Stochastic’s persistence in the oversold areas is adding negative pressure, which could pave the way for new bearish waves to test the $2.370 support line. Monitoring the price’s behavior at this level will be crucial in identifying the subsequent targets.

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Expected Trading Range:

Today’s anticipated trading range for natural gas is between $2.550 support and $2.370 resistance.

Trend Forecast: Bearish

In summary, the natural gas price is expected to continue its bearish trend, with key resistance at $2.780 and support targets at $2.470 and $2.370. Traders should watch for potential new bearish waves, particularly if the price tests and reacts at the $2.370 support level.

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