Natural gas price formed head and shoulders pattern in its last trading, to keep fluctuating near the neckline level at $3.050 level, forming a significant threat for the upcoming trading, while breaking the neckline and providing negative closes below it, will confirm its move to a new strong bearish station that might push it to suffer deep losses that begin from its reach $2.710 and $2.380.

 

While the price success to settle above the neckline and its rally in the near period trading above $3.600 will cancel the chances for changing the main bullish track to begin forming strong bullish attack, to target $3.830 and $4.050, therefore, we recommend the neutrality for today and monitoring the price behavior to avoid any losses that might be caused by changing the main track.

 

The expected trading range for today is between $3.000 and $3.2200

 

Trend forecast: Neutral