Natural Gas Prices Hit Critical Convergence Zone Amid Aggressive Recovery
Natural Gas Futures (NYMEX:NG1) is experiencing an aggressive recovery structure on its Daily chart, defying institutional supply walls.
The asset successfully defended a macro horizontal demand floor at $2.476 in late April and has established a sequence of higher lows since then.
A severe structural convergence zone looms ahead at the 3.422-3.446 cluster, comprising key macro supply lines, Fibonacci confluence, and the 200 EMA baseline.
The recent daily candle that spiked toward the 0.5 Fibonacci level left a prominent upper rejection wick, confirming institutional sellers defending the approaches to the triple resistance wall.
A corrective throwback is underway, but a renewed drive will test the confluence battle once liquidity is re-accumulated.