Natural Gas (XNG/USD) price pares intraday gains around $2.33 during early Monday. In doing so, the energy asset eases from an upper line of the three-week-old bearish channel.

However, the bullish MACD signals, as well as a convergence of the 21-SMA and 50-SMA, around $2.24, restrict the immediate downside of the XNG/USD.

In a case where the Natural Gas price drops below $2.24, the stated channel’s support around $2.11, will be crucial to watch as it becomes the fresh low since August 2020 from which the XNG/USD previously bounced.

Should the quote remains bearish past $2.11, the odds of witnessing a slump toward the $2.00 round figure can’t be ruled out. However, the July 2020 high surrounding $1.95 could challenge the Natural Gas bears afterward.

On the flip side, a clear break of the stated channel’s top line, close to $2.35, isn’t an open invitation to the XNG/USD bulls as the 200-SMA hurdle of near $2.44 can act as the final defense of the Natural Gas bears.

Even if the commodity price remains firmer past $2.44, the mid-March swing low around $2.48 and the $2.50 round figure can act as additional upside filters before giving control to the Natural Gas buyers.