Natural gas price formed temporary correctional bullish wave yesterday to fluctuate above 50% Fibonacci correction level at 3.130$, attempting to cover some previous losses to settle near 3.200$.

 

Note that the MA55 continues to form additional barrier at 3.260$, along with stochastic consolidation within the oversold areas, these factors support the domination of the bearish bias for the near-term and medium-term period, to keep waiting to form new negative waves and target 2.970$ followed by 2.840$ levels.

 

The expected trading range for today is between 2.970$ and 3.200$

 

Trend forecast: Bearish