NATGAS chart overview

The price of natural gas continues its bullish consolidation. The price formed a new higher low last night, and during the Asian trading session, we saw a new bullish impulse that moved us to the $5.80 level. Natural gas has tested this resistance level for a week, and now we could expect a break above. To continue the bullish option, we need positive consolidation and a move to the next resistance level at $6.00. Then we need to hold on there in order to try to move up with a new bullish impulse. Potential higher targets are the $6.20 and $6.40 levels. We need a new negative consolidation and pullback from the $5.80 level for a bullish option. In that case, the price would move back down to support at $5.40. A break below would form a new lower low, which would signify a potential further price drop. Potential lower targets are the $5.20 and $5.00 levels.