Thoughts on $NATGAS around 2.80
Been watching $NATGAS for a bit here and the price action around the 2.80 handle is becoming interesting, if not a bit frustrating for anyone looking for a clear breakout. We saw that rejection from the 2.811 high today, and it's not the first time price has struggled to hold above that region. To me, it looks like a fairly strong overhead resistance level that's been in play for a few sessions now.
The real test, I think, will be if we can get a convincing close above 2.82-2.83 on a daily chart. Anything less just feels like more chop within the current range. The risk, in my view, is if we see a sustained move back down and a close below 2.70. That would invalidate any immediate upside scenario and likely put 2.60 back on the table. For now, it's a grind, and I'm leaning towards patience until we see a decisive break one way or the other.
I'm seeing similar patterns. The consistent rejections around that 2.80-2.81 level suggest there's significant supply or short-term profit taking occurring there. It will be interesting to see if buying pressure can eventually absorb that, or if we're in for a retest of lower support first.