Natural Gas Price Analysis: Tests two-day uptrend near $2.35 as 21-DMA probes XNG/USD bulls

Natural Gas price drops for the first time in three days, retreats from one-week high.
21-DMA prods XNG/USD bulls but steady RSI (14), clear break of 10-DMA favor energy buyers.
Multi-day-old resistance lines stand tall to challenge Natural Gas buyers; five-week-old descending trend line is the key support.

Anil Panchal FXStreet

Natural Gas (XNG/USD) price struggles to extend the latest rebound, printing mild losses near $2.34 amid early Tuesday.

With this, the 21-DMA seems to cap the energy instrument’s immediate upside amid a steady RSI (14). However, a daily closing beyond the 10-DMA, the first in seven days, keeps the XNG/USD buyers hopeful.

Hence, the Natural Gas buyers may wait for a daily close beyond the 21-DMA hurdle of around $2.35 to initiate fresh long positions.

Even so, downward-sloping resistance lines from early March, around $2.42 and $2.54, can challenge the quote’s further upside.

Also acting as an upside filter for the XNG/USD price is the previous monthly high of around $2.58.

Should the Natural Gas price remains firmer past $2.58, the odds of witnessing a run-up toward the mid-March swing high of around $2.75 can’t be ruled out.

On the flip side, a daily closing below the 10-DMA support of $2.32 will prod the latest bullish bias about the XNG/USD price.

Following that, the $2.30 round figure and the latest swing low of around $2.14 can entertain the Natural Gas sellers. However, a five-week-old descending support line close to $2.07 and the $2.00 psychological magnet can challenge the XNG/USD bears afterward.

Overall, the Natural Gas price lures the buyers but the upside remains doubtful below $2.58.

Natural Gas Price: Daily chart

Trend: Limited upside expected

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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