Natural gas price rebounds above $3.65 as bulls attempt breakout toward $3.78 resistance
Natural gas futures have surged in early June, with Henry Hub prices trading near $3.69 as of June 3. The move marks a robust recovery from last week’s lows and follows a 7% weekly gain that helped reclaim the 0.5 Fibonacci retracement level at $3.39.
Key highlights
- Natural gas price trades at $3.69 after a sharp rally, reclaiming the 0.5 Fibonacci level at $3.39.
- Resistance remains firm near $3.74–$3.78, with short-term support at $3.61–$3.65 key for trend continuation.
- Momentum indicators are mixed, with cooling RSI and MACD suggesting reduced near-term bullish strength.
The current rally places natural gas in a critical technical zone as bulls test the $3.74–$3.78 resistance band that previously capped upside attempts in April and May.
Wedge breakout pushes toward key resistance zone
The daily chart reveals a breakout above descending wedge resistance, suggesting a possible reversal of the broader corrective trend that began in mid-April. Although price met resistance at $3.74–$3.78, holding above the $3.61–$3.65 range could allow for another test of this ceiling and potentially a breakout toward $4.02. On the 4-hour chart, natural gas remains above all major EMAs, with the 200 EMA near $3.52 acting as longer-term structural support.
Natural gas price dynamics (Source: TradingView)
Price consolidation under resistance suggests bulls are pausing to reassess, especially as price trades between the middle and upper Bollinger Bands with the 20 EMA now supporting at $3.58. This level may act as a decision zone ahead of any renewed bullish push.
Momentum fades but structure remains supportive
The 30-minute RSI has cooled to 44.78 from overbought levels, while MACD has slipped into bearish crossover, signaling a potential loss in short-term momentum. However, Stochastic RSI is rebounding from oversold conditions, and Ichimoku Cloud support remains intact, with the baseline at $3.648 likely to guide immediate direction.
Outlook for June 4: If natural gas sustains above $3.65, bulls may retest $3.78, with a breakout targeting $4.02. A drop below $3.58 would shift bias toward $3.44–$3.48 support. Broader structure remains bullish unless price slips below $3.39.
Natural gas was previously consolidating near $3.42–$3.54 with upside capped by a supply zone. The breakout above $3.65 now validates that move, and as long as price stays above the 0.5 Fibonacci level, the bullish scenario remains intact heading into early June.
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