Natural Gas Prices Rise on Colder Weather Forecasts and Bullish Trend Continuation
TL;DR
Natural gas continues its upward momentum, breaking through resistance levels and reaching a high of 2.98. The close of today's trading session will provide clues about the near-term direction, with a strong close indicating a potential continuation of the bullish trend. If the breakout continues, the first target is the swing high of 3.02, followed by a possible completion of an extended ABCD pattern at 3.06. Further upside potential exists towards the 200-Day EMA at 3.18. The weekly chart suggests a slingshot type setup, with strong demand supporting the bullish reversal and the likelihood of sustained upward movement in natural gas prices.
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