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Natural Gas Price Continues to Decline: Forecast for July 8, 2024

Natural Gas Price Analysis

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Today, the natural gas price continues to exhibit a pronounced bearish bias, aiming to achieve our initial extended target at 2.300$. There is anticipation for further decline with subsequent targets set at 2.225$ and 2.100$.

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The market currently faces downward pressure influenced by the MA55 indicator, underscoring the prevailing bearish sentiment. It is crucial to monitor the price action closely, particularly its ability to consolidate below the key resistance level of 2.580$. Sustained consolidation below this level is essential for the continuation of the anticipated decline.

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However, a breach above 2.580$ could prompt recovery attempts, potentially leading the price towards 2.830$ in the near term.

Expected Trading Range

The expected trading range for today spans between a support level of 2.250$ and a resistance level of 2.420$.

Trend Forecast: Bearish

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