Natural Gas Price Trapped Below $2.99 Resistance

Natural gas futures are struggling to break above $2.99 resistance, according to recent price action on TradingView.

The daily chart shows a larger downtrend view, with the 200-day moving average currently near $3.31 and falling.

For now, any upside is likely limited to reaching this average or the 78.6% Fibonacci retracement of the prior decline at $3.20.

A decisive rally above $2.95 would open the door to clearing the 50-day and 100-day moving averages and put a recovery above the $2.99 swing high in force.

Next upside targets would then be the 61.8% Fibonacci retracement at $3.07, which sits close to a measured-move objective from the bottom consolidation near $3.05.