Natural Gas settles below 50% Fibonacci level – Analysis – 23-2-2017

Natural gas price confirmed the affection of the bearish bias domination by providing new negative close below 2.700 that forms 50% Fibonacci correction level, thus, we will keep our negative overview and wait to witness strong negative trades to manage to touch the expected target at 2.4300.

Stochastic attempt to exit the oversold areas might force the price to form intraday sideways bias until gathering the negative momentum again followed by continuing the waited negative attack.

Expected trading range for today is between 2.7000 and 2.4300

Expected trend for today: Bearish