Natural gas price needs new momentum – Analysis – 23-1-2023

Natural gas price lost the negative momentum recently after stochastic exit from the oversold areas, to form correctional bullish waves and touch 3.500 level, while the price might form new positive waves until gathering the negative momentum, to expect rallying towards 3.850 followed by reaching 23.6% Fibonacci correction level at 4.350.

On the other hand, succeeding to gathering the negative momentum before surpassing 3.500 will activate the negative track again, to repeat the pressure on 3.120 level in order to resume the negative attack and achieve the next target at 2.600.

The expected trading range for today is between 3.200 and 3.850

The expected trend for today: Bearish