Natural gas keeps the negativity – Analysis – 2-8-2018

Natural gas price continued to provide negative trades recently by settling below the key resistance at 2.886, noticing providing additional negative pressures on 50% Fibonacci correction level at 2.750, also, the stability of the moving average 55 above the current price increases the negative pressures to allow us to keep our bearish overview that targets 2.665 followed by reaching 2.550 in the upcoming period.

We notice that stochastic forms sharp decline to approach 20 level and reinforces the negative overview, to provide additional negative momentum until achieving our targets.

Expected trading range for today is between 2.800 and 2.665

Expected trend for today: Bearish