Natural Gas awaits additional momentum – Analysis – 18-1-2017

Natural gas price formed an intraday rebound below 3.500 level due to stochastic decline from the overbought level, which makes us wait until gathering new bullish momentum that allows it to resume the bullish attack, to attempt to record the target at 3.800 reaching to the bullish channel’s resistance at 4.050.

By the above image, we notice the stability of the moving average 55 near the support at 3.200, to confirm the confinement of the price within the bullish range, to prevent any attempt to change the main trend in the upcoming period.

Expected trading range for today is between 3.300 and 3.800

Expected trend for today: Bullish