NatGas Price Struggles to Break Above Key Resistance Level

Natural gas prices are struggling to break above a descending trend line resistance that has been capping upside attempts since late June.

Currently trading around $2.770, the commodity is hovering just under the falling trend line after failing to sustain a higher high earlier this week.

A deeper look at the Fibonacci extension tool suggests that if the downtrend resumes, support levels could be found at $2.696 and $2.658, with further downside possible to the 0.618 Fib at $2.620 or even as low as $2.573.

The moving average front shows a bullish signal brewing, but price is having trouble clearing both indicators and the trend line simultaneously, keeping the broader bias tilted to the downside for now.