Pullback Targets Support Zones

The day’s weakness suggests the likelihood of another test of support near Wednesday’s low at $2.96. That level also aligns with an anchored VWAP line that has acted as a technical floor this week. If sellers push below $2.96, attention will shift to the 20-Day moving average at $2.89, which now represents a secondary support zone. How natural gas reacts in this price band will help determine whether the current pullback deepens or stabilizes.

Bullish Structure Still Intact

Despite the pullback, the broader technical picture still shows potential for continuation. Last week’s breakout from a falling wedge pattern established initial upside objectives between $3.14 and $3.19. While neither target has yet been achieved, the breakout remains valid, and the ongoing consolidation may simply reflect a pause before another attempt higher. Importantly, a sustained daily close above the 50-Day average would mark the first bullish reclaim of that level since July, strengthening the case for renewed upside momentum.

Next Steps for Bulls

If buyers can regain control with a breakout above $3.13, the $3.19 swing high from early August becomes the next hurdle. A decisive move through that level would open the path toward the 200-Day moving average near $3.50. Longer term, natural gas remains within a falling parallel channel, but recent strength above the midpoint line suggests potential to eventually challenge the channel’s upper boundary. For now, natural gas is locked between resistance at $3.13–$3.19 and support at $2.96–$2.89. A break of either range will likely define the next directional move.

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