Natural Gas bounces lower on the intraday basis – Analysis – 16-1-2017

Natural gas managed to record the first target at 3.550, to form an intraday barrier against the bullish attack, which forces it to form an intraday rebound as appears in the above image, in general, the main bullish bias will remain valid if the bullish channel’s support at 3.200, to wait for surpassing the current barrier to open the way towards recording more of the targets by reaching 3.800 and 4.050.

Stochastic reach to the overbought level confirms the continuation of the positivity, to attempt to provide new bullish momentum, to confirm surpassing the current barrier then achieving the suggested targets.

Expected trading range for today is between 3.300 and 3.800

Expected trend for today: bullish.