There has been no change in the temporary sideways movement of natural gas prices, given the continued conflicting signals from the main indicators, which are currently providing negative momentum. However, repeated stability above the main support level at $2.620 reinforces the chances of confirming the bullish scenario in upcoming trading sessions.
At present, stochastic attempt to hold above the 50 level could encourage the price to begin forming bullish waves. We expect reaching the 55-period moving average, which represents an important resistance barrier at $3.250. A successful break above this level will facilitate the move toward additional positive targets, starting at $3.420 and $3.550.
The expected trading range for today is between $2.770 and $3.250
Trend forecast: Bullish
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The pair remains under the influence of the corrective bullish bias, moving further away from the main support level at 174.95, to begin recording the first previously anticipated corrective target at 177.25.
MoreThe pair retested the resistance level at 212.00 during yesterday’s trading, before closing negatively below it. This came amid the presence of the 55-period moving average near this resistance, limiting the pair’s chances of shifting into an uptrend. Therefore, we will continue to wait for the price to gather negative momentum, which could activate bearish attempts targeting 210.40 initially, followed by the support barrier at 209.10.
MorePlatinum prices continued to trade sideways, fluctuating near the resistance barrier at $1440.00, amid conflicting signals from the main indicators on the short-term timeframe. We note that repeated trading below the initial resistance level at $1555.00 reinforces the continuation of the bearish trend in the near and medium term.
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