Despite a breach of 2.848 minor resistance, there was no sustained buying in natural gas for rebound last week. Instead it weakened again to close the week near to the low. We'd stay bearish in natural gas for the moment, with focus on the lower channel support (now at 2.695). Break will affirm the rebound from 1.902 has completed at 3.277 and bring deeper fall to 2.168 support and below. However, note that it's staying in near term rising channel so far. Break of 2.877 minor resistance will indicate that pull back from 3.277 is completed and will turn focus back to this resistance level.
In the bigger picture, the failure to sustain above 3.255 support turned resistance didn't confirm medium term trend reversal. That is, whole decline from 6.108 could still extend and a break below 2.168 will pave the way to a new low below 1.902. Nonetheless, again, sustained break of 3.255 will confirm trend reversal and a test on 4.983 key resistance level should at least be seen.
In the longer term picture, as long as 3.255 resistance holds, whole down trend from 13.694 (2008 high) is still in progress, so is that from 15.78 (2005 high). Another fall could be seen to 1999 low of 1.62 on resumption. But decisive break of 3.255 will now be an important sign of long term bottoming,
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