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Natural Gas Price Maintains Negative Stability – Forecast for July 10, 2024

The price of natural gas has recently tested a resistance line on the chart and subsequently bounced bearishly, reinforcing the validity of the bearish trend scenario for the foreseeable future. This downward momentum is supported by the negative pressure indicated by the EMA50, with expectations to break below $2.225 to confirm a path towards the next target at $2.100.

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Conversely, it’s important to note that a breach above $2.580 would invalidate the bearish scenario, potentially prompting the price to initiate recovery attempts and establish a bullish wave targeting around $2.582.

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Today’s expected trading range is between $2.200 and $2.400.

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Trend forecast: Bearish

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