Despite the market's hesitation, a recovery was anticipated, given the oversold conditions. The ability to break below the $2.00 level remains uncertain.market witnessed a slight decline during Monday's trading session, as hesitancy prevails among market participants.
The $2.00 support level and the $3.00 resistance level will likely define the consolidation range and shape the overall "summer range" typically observed in natural gas markets. Seasonally, this period tends to be quiet due to reduced heating demand in the northern hemisphere. A global economic slowdown would further dampen natural gas demand from industries and electricity generation. Consequently, bullish behavior is not expected during this time of the year.Despite the market's hesitation, a recovery was anticipated, given the oversold conditions. The ability to break below the $2.00 level remains uncertain. However, even if the market breaks below, it will likely find support around the $1.80 level, creating a significant support zone.
In the end, as natural gas enters a consolidation phase, the market experiences hesitancy and uncertainty. The $2.00 support level and $3.00 resistance level are key boundaries defining the summer range. Typical for this time of the year, natural gas markets are subdued due to reduced heating demand and the potential impact of a global economic slowdown on industrial and electricity consumption. While a market recovery is expected due to oversold conditions, breaking below the $2.00 level is challenging, with the $1.80 level serving as crucial support. On the upside, breaching the $3.