Yesterday, natural gas prices experienced a marked correction, driven primarily by a consolidation in the stochastic oscillator, which remained below the 50 level. This downward movement has now brought prices near an additional support level at $2.780.
Currently, there is an expectation of market volatility, as the primary indicators present conflicting signals. This likely instability is expected to persist until positive momentum resurfaces, paving the way for a possible return to upward price targets. Should this momentum be regained, it could support bullish moves toward the $3.000 and $3.200 price points.
Trading today is anticipated to range between $2.800 and $3.000, with a forecast leaning towards a bullish trend.
Despite the current dip, positive indicators could renew the natural gas market’s drive towards higher targets in the near future.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. Primera Oil and Gas is the Trinidadian subsidiary of Touchstone.
