Natural gas busted through the top of its ascending channel on the hourly time frame, signaling that a steeper uptrend is in the works. Price is pulling back to the former resistance, which might hold as support. The Fibonacci retracement tool shows that this lines up with the 38.2% level around $6.400. A larger pullback could reach the 50% Fib that lines up with a shorter-term rising trend line around $6.300 or the 61.8% level at $6.196. The 100 SMA is above the 200 SMA to confirm that the path of least resistance is to the upside or that support levels are more likely to hold than to break. The 100 SMA lines up ... (full story)