Thoughts on NG's recent bounce from 5.9, looking at prior support/resistance
Hey everyone, been watching $NG pretty closely the last few days, especially with this bounce we saw off the 5.9 area. It feels like that level has acted as a decent floor recently, and the fact that we're pushing a bit higher today (sitting around 5.9, trading up to 6.15 earlier) has me wondering about its staying power.
Historically, looking back a bit further, that 5.9-6.0 region has been a pivot point. Sometimes it held as support, other times it broke down and became resistance on rallies. What I'm curious about now is if this current rebound has enough legs to test higher, say towards that 6.15-6.20 zone we saw intra-day. If it can clear that, then the outlook definitely brightens. But, if it fails to hold 5.9 and drops back below, especially on a closing basis, then I think this whole thesis of a potential bounce becomes invalid pretty quickly. That would suggest the bears are still firmly in control and we'd likely be looking at lower lows. Just my initial thoughts, keen to hear what others are seeing.