Natural gas price struggles below $3.54 as symmetrical triangle caps breakout attempts
Natural gas fails to break $3.54 as triangle pattern compresses price action near key EMAs
Natural gas futures are under renewed pressure after failing to sustain gains above the $3.54 resistance zone, with recent price action reflecting hesitation near a key structural midpoint. As of early May 30, natural gas is trading near $3.44, having retreated from a failed breakout attempt earlier in the week.
Key highlights
- Natural gas price rejected near $3.54, slipping below rising wedge support on the 30-minute chart.
- Bollinger Bands and EMA clusters between $3.42 and $3.51 mark a critical near-term pivot zone.
- Daily and weekly charts show consolidation inside a broader triangle, with $3.30 as key downside level.
The broader trend remains range-bound within a larger symmetrical triangle, but weakening momentum indicators and wedge breakdowns suggest that sellers may be regaining control.
Price action continues to show signs of compression within key boundaries
On the 4-hour chart, natural gas rebounded into the $3.54–$3.56 zone after its early May decline but quickly lost momentum, rolling over toward the $3.44 region. This zone aligns with the 20 and 50 EMA cluster and the midpoint of the Bollinger Bands, forming a tight confluence that defines the $3.42–$3.51 band as the key pivot area. A decisive move through either boundary may define the next directional leg.
Natural gas price dynamics (Source: TradingView)
The 30-minute chart shows a failed breakout from an ascending wedge, with price now slipping back under short-term support. The structure indicates that bullish momentum is waning, while the RSI and MACD remain flat and the Stoch RSI has flipped bearish. These signals hint at further pressure unless bulls reclaim $3.56 soon.
Daily and Fibonacci levels show indecision near key trendline support
The daily chart reflects continued consolidation inside a broader symmetrical triangle pattern. Price is currently hovering near its midpoint, with a potential breakdown under the $3.42 trendline exposing the $3.26–$3.30 demand zone. On the weekly Fibonacci retracement from $4.90 to $2.50, natural gas is hovering around the 0.5 level at $3.38. A sustained close below this would increase the probability of a move toward the 0.618 retracement near $3.03.
Outlook for May 30 and further, remains neutral within the $3.42–$3.56 range. A break above $3.56 would put $3.70–$3.80 back into focus, while a drop below $3.42 could trigger downside toward $3.30 and $3.24.
In prior updates, we highlighted that natural gas had rebounded off the $3.26–$3.30 region and was testing resistance near $3.54. This level continues to act as a ceiling, with repeated failures suggesting exhaustion among bulls. Until a clean break occurs, consolidation is likely to persist within the triangle structure.
