Gas Price Reversal Stalls at $2.99

Natural Gas Price Forecast: Reversal Targets $2.99 Resistance

The daily chart of natural gas futures shows a larger trend structure that indicates downward pressure will continue unless a key moving average can be reclaimed.

The 20-day moving average is currently at $2.94 and falling, representing the initial dynamic resistance. If this indicator can be reclaimed, there's a chance for higher targets to be reached. However, the 100-day moving average near $2.96 is close to the lower swing high and represents more significant dynamic resistance, especially since it was previously confirmed as resistance near the $2.99 swing high.

The support zone of $2.68-$2.67 is currently holding the bullish case together. A close above $2.76 would strengthen this case, while failure to hold support could lead to lower price levels, potentially breaking through the April trend low near $2.50.