Commodities
Natural Gas Price Hits Resistance Wall as Bullish Momentum Fades
Natural Gas Futures (NYMEX: NG1) is recovering aggressively on its Daily chart, but it's approaching a significant resistance wall.
A bullish pivot was established after the asset defended its horizontal demand floor at $2.476 in late April and broke above local peaks in March and May.
The price action is now facing a confluence cluster between $3.422 and $3.446, where the 200-period Exponential Moving Average (EMA) is tracking at $3.446.
Short-term momentum is undergoing a mean-reversion pull-back, but institutional sellers are actively defending the approaches to this resistance wall.