The natural gas market is currently facing a key resistance level at 2.849. This level holds significant importance as a breakout above it could indicate that the uptrend from the February 19 low of 1.574 has resumed.
Bullish Targets in Sight
If natural gas manages to break through the 2.849 resistance, it could open the door for a continuation of the uptrend. In such a scenario, the next target for bulls would be the psychological level of 3.000, followed by the previous high of 3.160.
Support Levels to Watch
On the downside, the initial support area for natural gas is around 2.700. A breakdown below this level could trigger a deeper retracement, potentially taking the price back towards the next support level at 2.640.
If natural gas breaches the 2.640 support, traders should be prepared for a potential move towards the previous low of 2.546.
In summary, natural gas is currently facing a crucial resistance level at 2.849. A breakout above this level could signal a resumption of the uptrend, with targets at 3.000 and 3.160. However, traders should also keep an eye on the mentioned support levels, as a breach of these areas could lead to further downside momentum.