Natural gas price needs to confirm the breach – Forecast today – 7-5-2024

Expected Scenarios and Trading Range

Scenario 1: Attempted Breakout

• Natural gas price attempted to breach the $2.200 resistance line recently but failed to sustain it.
• Stability observed near the $2.180 level due to contradiction between major indicators.

Scenario 2: Wait for Confirmation

• Recommendation to wait for confirmation of breaching $2.200 and holding above it.
• Confirmation would reinforce chances of activating the bullish track, potentially leading to major gains near $2.280 and $2.350.

Trading Range

Expected range for today: $2.122 - $2.200

Trend forecast: Sideways