Natural Gas Price Analysis: XNG/USD stays bearish below $2.40 key level

Natural Gas licks its wounds after posting the biggest daily loss in a month.
Downside break of 200-SMA, three-week-old ascending trend line joins bearish MACD signals to favor XNG/USD sellers.
Buyers need validation from six-week-old descending resistance line to retake control.

Natural Gas (XNG/USD) consolidates the heaviest daily fall in five weeks, marked the previous day, around $2.38 during early Thursday.

Even so, the energy asset remains well below the key support confluence, now resistance, and keeps the XNG/USD bears hopeful. Adding strength to the downside bias are the bearish MACD signals, as well as the quote’s U-turn from a six-week-old descending resistance line.

That said, the Natural Gas price is currently declining towards the early-month swing high of around $2.36, a break of which will open doors for the XNG/USD’s fall towards the multiple support zone surrounding $2.30-28.

Following that, $2.15 and the monthly low of $2.11 should act as the final defenses for the XNG/USD buyers before directing the Natural Gas price towards the $2.00 psychological magnet.

On the flip side, the aforementioned support-turned-resistance guards immediate XNG/USD recovery around $2.40.

However, a five-week-old horizontal resistance area near $2.48 and the downward-sloping trend line from early March, near $2.53 at the latest, appear tough nuts to crack for the Natural Gas buyers before retaking control.

Following that, an upward trajectory toward the mid-March high of around $2.75 can’t be ruled out.