Natural Gas Price Stalls Out Near $2.980 Amidst Pullback

Natural gas has been steadily increasing since mid-August within an ascending channel. Recently, it broke above the upper boundary of this channel near $2.980 before stalling out.

This suggests that buyers pushed too far and too fast, causing the price to ease back up and gather more strength before attempting another leg higher.

The current pullback is finding support around the 38.2% Fibonacci level at $2.889, with the price currently hovering near $2.904.

If sellers manage to push through this area, the 50% Fibonacci level at $2.861 could act as a magnet for buyers looking to jump back in.