Rejection in the channel above, but indicators remain positive

Following on from our analysis in the previous week regarding the breakout towards the upside for Natural Gas, we can see the price attempted to move higher toward the channel resistance as previously anticipated but experienced a strong rejection. The move higher reached $3.25, which is actually the very top of the channel resistance. By looking at the candlestick, we can see that following this rejection a sell-off led to the commodity closing the week at $2.740. Currently, natural gas is trading at around $2.784 tonne.  With today being a holiday in both the UK and the US, the volume should be on the low side so no real price change should occur. However, with the rejection at the resistance, the question now is what will the next couple of weeks look like. Towards the upside, the lower trendline of the channel is the primary focus once again. This trendline reads $2.895, a break above it would face resistance at $3.049 and then once again the upper trendline resistance of $3.135. Towards the downside, the support reads $2.585 followed by $2.478. A move below $2.478 could see the price retrace back to the December lows of $2.200-$2.300. Regarding the technical indicator, they remain bullish. The MACD is still on the rise and the RSI reads 62.