Natural Gas attempts to reach below the support – Analysis – 24-4-2017

The natural gas price still need positive momentum, affected by some negative pressures that caused by stochastic reach to the oversold level, the stability of the price below 3.150 level that forms the bullish channel’s support might force the price to end the bullish attempts, to begin suffering some losses by reaching 3.050 first and breaking this level will extend the trading towards testing 50 % Fibonacci correction level at 2.750.

And that makes us suggest the bearish bias in the near and medium period, note that the stability of the price below 3.400 level in general is important to avoid any attempt to renew the bullish rally, which might cause unexpected big losses.

Expected trading range for today is between 3.400 and 3.050

Expected trend for today: bearish.