Natural Gas Price Forecast: Triple Rejection Puts $2.95 in Focus

Third Resistance Test Threatens Weekly ReversalNatural gas is on track to end the week with a weekly bearish shooting start candlestick pattern, suggesting further downside if it triggers below this week’s low of $3.062. Notably, this week marked the third test of resistance near the 88.6% Fibonacci retracement level for the prior decline at $3.32 and the 50-week moving average, also near $3.32. The week initially showed promise by advancing to a new high of $3.334 and exceeding the prior highs of $3.298 from last week and the $3.317 high from three weeks ago.Natural gas futures weekly chart shows bearish candlestick pattern and rejection at key resistanceWeekly Support Holds as Resistance PersistsConsequently, bearish weekly price action shows resistance being sustained near key resistance, suggesting that downward pressure may continue. Keep in mind that the recent highs were supported by resistance near the lower swing high of $3.396 from June.