Natural Gas Stalls Near Resistance as OPEC+ Output Increase Looms

Natural gas futures are currently trading sideways around $2.77 in an ascending channel after rebounding from a support level at $2.67.

Despite being in a cautious medium-term trend, with the 50-EMA ($2.80) and 100-EMA ($2.88) acting as resistance levels, there are positive signs in short-term price action.

A break above $2.80 could expose new levels at $2.85 and $2.89, while immediate support lies at $2.75, with a stronger level expected around $2.67 if sellers prevail.

The Relative Strength Index (RSI) has reached 49, indicating improving bullish momentum, but still has room to become overbought before it does so.