Natural Gas Price Treads Water Near Key Downside Target
Natural Gas Price Forecast: A Bearish Trend Takes Shape
The daily chart of natural gas futures on TradingView reveals a larger trend structure, indicating a bearish trend in motion. The flag pattern formed by the price action points to a potential minimum downside target near $2.54.
This price level is also supported by the midline of the falling channel, creating an alignment of technical levels that suggests support and potentially improving demand if reached.
The 88.6% Fibonacci retracement of the recent advance is near $2.60, further supporting the possibility that the decline could be approaching exhaustion in this area.