Forex▼ Bearish
Natural Gas Hovers Near $2.82 Support Amid Bearish Trend
Natural gas consolidates for a fifth session between $2.82 support and $2.97 resistance. A break below support targets $2.68, while a rally above $2.96 could signal a reversal.
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Natural gas stayed near recent lows for a fifth consecutive session on Friday, with prices holding inside a narrow range set by Thursday's wide candle. The $2.97 high marked that session's resistance, while the $2.82 low defined support. That floor coincides with the 61.8% Fibonacci retracement of the prior advance at $2.84 and a higher swing low at $2.86. The cluster of support has prevented a breakdown, yet buyers have not stepped in with enough force to push prices back above the 100-day moving average.
The narrow consolidation below that average is a bearish signal, several traders said. The 100-day MA capped the bounce, and the failure to attract meaningful buying suggests sellers remain in control. The broader trend structure reinforces that view. The most recent swing high at $3.40 marked a lower high, followed by a break below the uptrend line and the 200-day moving average. Former support at the 200-day MA has now turned into resistance, a pattern that often precedes a resumption of the downtrend.