Natural Gas Price Rejected at Resistance – Bears in Control

• The current price ($3.692) is trading below the 20-day simple moving average (middle Bollinger Band), indicating short-term weakness. This often suggests bearish momentum when combined with a failure to close above the mid-band.
  
• In early May, price touched or neared the upper Bollinger Band and was rejected. This indicates strong selling pressure and the inability of bulls to sustain higher prices.
  
• Volume appears higher on red (down) days, while up days have relatively lower volume, suggesting distribution and lack of bullish conviction.
  
• Recent daily candles show long upper wicks, further confirming selling pressure.