Nymex Natural Gas (NG)
Natural ga’s down trend resumes by taking out 2.692 low and at this point, intraday bias remains on the downside as loing as 2.913 minor resistance holds. Current fall is treated as part of the medium term decline from 13.69 and should now target next long term projection target at 2.50. On the upside, above 2.913 minor resisteance will turn intraday outlook neutral and bring consolidation.
In the bigger picture, whole medium term fall from 13.69 resumed after completing triangle consolidation from 3.155. Such decline is treated as the third leg of the long term consolidation pattern that started at 15.78 back in 2005. Hence further fall should be seen to next target of 100% projection of 15.78 to 4.593 from 13.69 at 2.50 and possibly below. Nevertheless, we’re expect strong support between 1.96 (02 low) and the 2.5 projection target to finally conclude the whole decline from 13.69. On the upside, break of 4.162 resistance will now be an important signal that natural gas has finally bottomed out.
Nymex Natural Gas Continuous Contract 4 Hours Chart
Nymex Natural Gas Continuous Contract Daily Chart
