Natural gas prices have begun forming new bullish waves, moving away from the main support level at $2.620. The price is now testing the 55- period moving average, which has consistently acted as a strong barrier around $3.250.
the continuation of the positive momentum from stochastic makes us keep our bullish outlook. A breakout above the current barrier could pave the way for further gains, initially toward $3.420 and then toward the next resistance level near $3.620.
The expected trading range for today is between $3.100 and $3.420
Trend forecast: Bullish
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The pair ended its recent bearish attempts after touching the 176.15 level, before beginning to form some upward corrective waves and advancing toward 177.30. This indicates that it is currently resisting negative pressure, increasing the chances of renewed pressure on the resistance barrier near 178.10.
MoreGBPJPY demonstrated its ability to withstand negative pressure during yesterday’s trading, pushing once again above the 212.00 level in an attempt to strengthen its chances of recording further gains in the near term. If the pair posts another positive close above 212.00, supported by positive momentum from stochastic, the likelihood of retesting the resistance barrier near 213.50 will increase. We will then monitor the price reaction, given the importance of this level in determining the overall trend of upcoming trading.
MorePlatinum price has once again responded to the positive signals from stochastic, breaking above the additional barrier at $1550.00 yesterday, signaling its readiness to record further gains in the near term. We expect trading to move toward $1610.00, with positive momentum potentially extending gains toward $1655.00, which represents the main target for current trading.
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