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Natural gas has fallen roughly 30% since the start of September, and has now landed on a daily trend line. Taking a look at the last couple of weeks of price action, natural gas has been consolidating between $6.5 to $7.3 for the last 3 weeks as it decides on the next move.
Analysing the area that natural gas is currently sitting on, there is a major daily support/resistance area between $6.4 to $6.6 as seen below, highlighted in yellow:
As natural gas bounces between the daily consolidation range, a break above the range (marked with a black horizontal line) could indicate a move to the upside, where the next resistance level is around $7.55, however if natural gas breaks below the trend line, the next support sits around $6.
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