Natural Gas Price Analysis: Breakout of the 21-DMA sustains bullish XNG/USD sentiment near $2.35

Natural Gas (XNG/USD) maintains modest gains near $2.36 as bulls maintain control over a three-day uptrend as of early Wednesday. Consequently, XNG/USD investors applaud an unambiguous break of the 21-DMA near the highest levels in three weeks.

Bullish MACD signals, sustained trading above the 10-DMA, and the upside of the 21-DMA all contribute to the optimism of Natural Gas buyers.

Nonetheless, intraday XNG/USD investors are attracted by the late-March trade high near the $2.40 round number. However, a convergence of numerous levels marked since early March and the 50-day simple moving average (around $2.47-48), followed by the $2.50 threshold, could limit the energy instrument's upside potential.

If the XNG/USD remains stronger than $2.48, the March 14 high around $2.75 will be in focus.

Alternately, Natural Gas sellers require confirmation from the 21-DMA support at $2.31 in order to revisit the 10-DMA support near $2.25.

Notably, the lows recorded since late February emphasize $2.13-12 as the key strong downside support for the XNG/USD bulls to overcome if they wish to reach the high near $1.95 in early July 2020.

Overall, the price of Natural Gas regains its upward momentum, but further gains appear constrained to the north.