Natural Gas Bulls Eye $3.07, $3.20 as Prices Hold Steady
Natural gas futures have been holding steady at $2.84 as bulls aim to push prices higher towards $3.07-$3.20.
The daily chart shows a larger trend structure, indicating that natural gas is in its first pullback following a bullish reversal signal from the consolidation bottom.
This type of pullback often resolves with at least one more leg higher, provided nearby support continues to hold. The immediate cap on prices is not only this week's high and swing high at $2.99 but also the cluster of the 50-day and 100-day moving averages near $2.92 and $2.91.
A decisive advance above Friday's lower daily high of $2.93 would reclaim both moving averages, confirming continuation and reversing the recent decline. If buyers regain control from here, two Fibonacci retracements mark the next upside objectives: 61.8% at $3.07 and 78.6% at $3.20.