Natural gas was near 2.856 on the two-hour chart, continuing to consolidate in the 2.83 to 2.89 level after bouncing off support in the 2.83 dollar area. The price continues to struggle below both the 50 EMA at 2.887 and the 100 EMA at 2.943, while it also faces downward trending trendline resistance. So we remain in a cautious short term view, despite the price consolidating in this narrow zone recently.
Resistance levels are at 2.890, and at 2.948 and 3.024 dollar while support will be at the 2.828 dollar and at the 2.780 and 2.729 dollar levels. RSI is at the 46 level.
In my opinion, Natural gas is still consolidating below both the 50 and 100 EMAs and the descending trendline resistance, with a break above the resistance at 2.890 dollar and the trendline being an important short term bullish trigger in this case. A failure at the resistance might again see prices consolidate around the current levels while attention might go back to the lower levels around 2.828 dollars.
WTI Crude Oil Technical Analysis: WTI Tests Key Fibonacci Resistance Beneath Long-Term Trendline