Natural gas is trading near $2.93 after breaking below its ascending trendline on the 2-hour chart, signaling a weakening structure. Price has slipped under both the 50-EMA ($3.02) and 200-EMA ($3.01), which now act as resistance.
The RSI sits near 27, highlighting oversold conditions but also underscoring the strength of bearish momentum. Immediate support rests at $2.89, with deeper levels at $2.83 and $2.77 if sellers maintain control. On the upside, bulls would need to reclaim $3.02 to regain footing, with resistance at $3.10 marking a key pivot.
While oversold readings suggest room for a rebound, the technical picture currently leans bearish, and further downside remains likely unless buyers step back in above $3.00.
