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Natural Gas Prices Display Upward Momentum – Market Analysis as of February 28, 2024

by Jennifer

In recent developments, the natural gas price has demonstrated a sustained positive crawl, reaching the level of 1.854. This upward movement suggests a potential formation of a new bullish trajectory in both the near-term and medium-term periods. It is crucial to note that the viability of this bullish trend relies on the stability of the support line at 1.560.

Analyzing the technical indicators, the stochastic momentum signals continue to exhibit positive trends, increasing the likelihood of overcoming the resistance at 2.000. If this resistance is surpassed, it could pave the way for further positive advancements, with the next targets set at 2.200, followed by 2.420 in the medium-term perspective.

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As of today, the anticipated trading range is projected to be between 1.720 and 2.000, underscoring the potential for continued positive movements. The overall outlook for today suggests a bullish trend, aligning with the ongoing positive crawl in natural gas prices.

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Investors and market participants are advised to monitor the stability of the support line at 1.560 and pay close attention to stochastic momentum signals for potential indications of further upward movements. The market is poised for potential positive stations, with a target of 2.200 on the horizon, followed by 2.420 in the medium term.

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