Natural Gas Downtrend Remains Firm Amid Consolidation

Natural gas prices remain in a downtrend despite consolidation efforts.

The daily chart of natural gas shows a larger trend structure, with key moving averages indicating resistance at various price levels.

The 20-day moving average has converged with the downtrend line, creating a near-term trend resistance area at $2.77.

A decisive reclaim of this average would show strengthening and a rise above Friday's high of $2.78 could follow, with the recent high of $2.83 being the first upside target.

However, natural gas remains below all its key moving averages, indicating that the downtrend is likely to continue unless there is contrary technical evidence.