Natural Gas resists the negative pressures – Analysis – 29-5-2017

Natural gas price did not surrender to the negative pressures provided by stochastic due to its recent fluctuation below 50 level, to keep its stability above the moving average 55 located at 3.150, while we will keep waiting to gather the bullish momentum again to reinforce the bullish attempts that target breaching 3.400 followed by reaching the next positive target at 3.700 in the upcoming period.

On the other hand, declining below 3.150 will put the price under negative effect to increase the chances of breaking 38.2% Fibonacci correction level at 3.05, to expect suffering more losses by moving towards 2.750 followed by 2.500.

Expected trading range for today is between 3.150 and 3.400

Expected trend for today: Bullish