Natural Gas Futures Hit Key Resistance Zone as Bulls Face Institutional Sellers
Natural Gas Futures (NG1) is exhibiting an aggressive recovery structure on its Daily chart. This upward momentum has pushed prices toward a crucial resistance zone, which comprises three key levels: the 200 EMA baseline at $3.446, the 0.618 Fibonacci retracement level at $3.424, and the horizontal supply line at $3.422.
As price action approaches this confluence cluster, institutional sellers are actively defending the area. The recent daily candle that tested the 0.5 Fibonacci level ($3.362) left a prominent upper rejection wick, indicating that buyers may face significant resistance in this region.
The chart suggests that a corrective throwback is underway, with prices pulling back from the confluence zone. However, as long as support remains above $3.000/$3.100, the broader bullish market structure remains intact.