NG pushing 5.605, watching prior highs
Natural Gas $NG looks to be making a strong move today, currently trading around 5.605. That's a significant push after consolidating for a bit. Looking at the daily, we're now flirting with the highs from a couple of months back. That 5.635-5.65 area seems to be the immediate resistance. If we can cleanly breach and hold above that on some decent volume, it suggests more upside potential, perhaps even a test of the 5.80s.
The risk I'm watching is a rejection from this current resistance zone. A strong move back down below, say, 5.50 on the hourly, particularly if it breaks the intraday low of 5.325, would suggest this leg up was short-lived and we could see a return to the prior range. Keeping an eye on the momentum here, it feels strong but these levels are critical.