Natural Gas Trapped in Consolidation Ahead of Triangle Breakout

Natural gas prices have been stuck in a consolidation range for three weeks, testing the upper boundary near $2.89. A symmetrical triangle pattern is developing, which could trigger a significant directional move.

The uptrend line, recognized as support in July, has now become resistance, with price action confirming downward pressure remains dominant. The falling 50-day moving average at $2.95 approaches current levels, adding to selling pressure.

A sustained reclaim of the 50-day moving average could change the bearish outlook, but for now, a breakout of consolidation and the reclaim of this key moving average would be required for an advance from there to have greater success.