Natural gas long view

The price of natural gas formed its maximum at $ 8.87 on Friday but withdrew very soon after that. The price dropped to $ 7.69 at the beginning of the opening of the Asian session. Since then, we have been in bullish consolidation, and we are now at the $ 8.12 level. If this trend continues, we can expect the price to rise to $ 8.35. A very important zone is at the $ 8.68 level, and if a break occurs above, then the price could jeopardise the $ 9.00 level. To continue on the bearish side, we need to form the first new lower high on the chart in the zone around $ 8.40. With the Fibonacci setting on the chart, the place of resistance is at 61.8% Fibonacci level. Such a scenario would force the price to drop to $ 7.60 and maybe to the $ 7.00 level.