Natural Gas Prices Under Bearish Pressure Below Key Resistance

Natural gas prices are facing bearish pressure as they hover below key resistance at $2.98, according to FXEmpire.

The daily chart shows a rejection of prices at the top boundary of a broadening consolidation range, indicating that the chance for a higher retracement may have passed.

With no signs of strength in demand, selling pressure continues, suggesting a bearish continuation before a potential counter-trend rally.

The weekly chart shows a one-week bullish reversal signal, but it failed to confirm with a daily closing price above last week's high of $2.93.