Natural Gas Hits $2.99 as Uptrend Builds on Short-Term Basis

Natural gas futures have been trending higher in recent days, with prices testing $2.99 as a key resistance level. This uptrend is building on a short-term basis, and any weakness may be met with support near the rising 20-day moving average of $2.80. If natural gas can hold above last week's minor pullback low of $2.84, it would provide further evidence that the short-term trend is strengthening.

The 200-day moving average, currently around $3.30, represents a significant upper boundary for this advance. This level was previously confirmed as resistance during the prior advance in May and now forms part of a key resistance zone along with the 78.6% Fibonacci retracement of the prior advance at $3.20. To overcome $2.99, buyers will need to retain control.