Natural Gas Price Bounces Off Ascending Channel Support

Natural gas is trading within an ascending channel, and its price has been bouncing off the lower boundary near $2.900.

This movement suggests that the longer-term uptrend remains intact, as buyers continue to defend the rising trend line established since mid-August.

The 38.2% Fibonacci retracement level at $2.925 is currently acting as a floor for the recovery, and if this level continues to hold, natural gas could push higher toward the 50% Fib at $2.954.

A break above these zones could open the door to the 61.8% level at $2.983, followed by the 76.4% Fibonacci retracement at $3.019 and potentially a retest of the $3.077 swing high.