Natural Gas without any news – Analysis – 26-5-2017

Natural gas price did not record any new level recently, affected by the limited move between 3.1500 initial support and 23.6% Fibonacci correction level that forms clear obstacle against the bullish attempts at 3.400, which makes us stay a side until the price breach one of these levels to manage to detect the next targets.

We remind you that succeeding to breach the current resistance will open the way to resume the bullish attack that targets 3.700 level, while 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, expecting to suffer 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: Sideways