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Analysis of Natural Gas Prices
Natural gas prices faced downward pressure recently, influenced by oversold conditions as indicated by stochastic indicators. This led to a decline below the minor bullish channel’s support line, settling close to $2.580 after starting around $2.700.
The sustained stability below this broken support line indicates a likelihood of further declines. Analysts foresee potential movement towards the MA55 level at approximately $2.460, with a possible test of the critical support level at $2.385. The outcome at this support level will play a pivotal role in shaping the next major trend.
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Expected Trading Range
Market expectations suggest a trading range between $2.680 and $2.470.
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Trend Forecast
The current trend forecast leans towards a bearish outlook for natural gas prices.
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