Natural gas remains under strong bearish control after decisively breaking below critical support levels. With price now trading beneath the 200-day moving average and a key rising channel, the path of least resistance points toward lower targets near $3.03, and potentially down to the $2.95–$2.89 range. That lower zone aligns with long-term Fibonacci retracements, a measured ABCD pattern, and historical monthly lows—creating a clustered support area that could attract buyers if tested. Until price reclaims $3.63, however, any short-term bounce is viewed as a pause within a larger downtrend.
Major Points Highlighted:
Breakdown Confirmed: Natural gas has broken below key support at the 78.6% Fibonacci retracement level ($3.24) and closed below its rising channel trendline.
Bearish Momentum Intact: Price remains under the 200-day moving average ($3.55) with no recovery signal until $3.63 is reclaimed.
Next Downside Targets: Key support zones lie near $3.03 (long-term uptrend line), then $2.95–$2.89 (Fibonacci & ABCD pattern targets).
Historical Support Alignment: Monthly chart shows prior major lows near $2.89–$2.77, reinforcing the significance of the $2.95–$2.89 zone.
Multiple Indicators Converge: At least five technical signals suggest potential stabilization around $2.95–$2.89 if declines continue.
