Natural Gas Price Awaits Confirmation of Breakout – Forecast for May 7, 2024

by Jennifer

Expected Scenarios and Trading Range

Natural gas price recently made an attempt to breach the $2.200 resistance line, although it failed to sustain this level. Consequently, stability has been observed near the $2.180 mark, reflecting a contradiction between major indicators.


It is advisable to await confirmation of a successful breach above $2.200 and subsequent consolidation above this level. Such confirmation would strengthen the likelihood of activating a bullish trajectory, potentially leading to significant gains towards $2.280 and $2.350.


Trading Range

The expected trading range for today is anticipated to be between $2.122 and $2.200.

Trend Forecast: Sideways

The trend forecast for natural gas suggests a sideways movement, characterized by uncertainty surrounding the recent attempted breakout and the need for confirmation before anticipating a clear directional bias.

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