Natural Gas continues trading in a broad consolidation range after a break above $2.95 could not be sustained. Currently, the contract trades at $2.89, below the 50-day moving average ($3.03), an above the 100-day moving average ($2.88), suggesting a neutral medium-term outlook.
First, resistance is at $2.95, followed by $3.03 and $3.09. First, support is at $2.83, with further support at $2.78 and $2.73. RSI is at 41, suggesting weak buying pressure.
A break and close above $2.95 is needed to improve the outlook for the market and open $3.03 and $3.09. This market would remain range-bound. A break below $2.83 would improve selling pressure and support an advance to $2.78.
