Natural Gas (XNG/USD) price prints mild gains around $2.43 amid early Wednesday’s sluggish session, after snapping a three-day uptrend the previous day. In doing so, the energy instrument also pares the biggest daily loss in a week amid bullish MACD signals and a steady RSI (14) line. With this, the XNG/USD is likely to witness further recovery.
However, a convergence of the previous support line from April 14 and a one-week-old horizontal area comprising the previous weekly tops, around $2.53-54, appears a tough nut to crack for the Natural Gas buyers to crack.
Following that, a run-up towards the mid-March swing high of around $2.75 and then to the $3.00 round figure can’t be ruled out.
In a case where the XNG/USD remains firmer past $3.00, the previous monthly high close to $3.07 will be in the spotlight.
On the flip side, the 10-DMA and the 21-DMA put a floor under the Natural Gas price around $2.38 and $2.30 respectively.
Should the XNG/USD bears keep the reins past $2.30, a horizontal area comprising multiple lows marked since February, near $2.13-11, can act as the last defense of the Natural Gas buyers.

Trend: Further recovery expected
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