Natural Gas Seeks Next Leg Higher Amid Ascending Channel Support

Natural gas prices are showing resilience in their longer-term uptrend, bouncing off the bottom of its ascending channel near $2.90 and attempting to resume its climb.

The channel support is holding strong, with a potential retest of the swing high near $3.00 before making a run at the channel top around $3.06 possible.

Fibonacci extension levels are suggesting that sellers could step in along the way, particularly at the 38.2% level at $2.949, which is closely aligned with current price.

A break above this level could open the door to further gains, potentially reaching the 50% level at $2.970 and the 61.8% Fib at $2.992, near the channel's midpoint.