Nymex Natural Gas (NG)
Natural gas’ rebound from 2.409 extends further to as high as 3.33 and is now pressing 50% retracement of 4.16 to 2.409 at 3.28 and 55 days EMA (now at 3.30). Further rise could still be seen as long as 2.744 minor support holds. Sustained trading above 3.285 fibo resistance and the mentioned 55 days EMA will argue that fall from 4.162 has completed at 2.409 already. In such case stronger rally should be seen to retest this 4.162 resistance. On the downside, below 2.744 will indicate that rebound from 2.409 has completed and will flip intraday bias back to the downside for this low first.
In the bigger picture, as discussed before, medium term fall from 13.69 is treated as part of the long term consolidation pattern that started at 15.78 back in 2005. 100% projection of 15.78 to 4.593 from 13.69 at 2.50 is already met but there is no clear sign of bottoming yet. Fall from 13.69 might still extend further as long as 4.162 resistance holds. Nevertheless, we’d expect strong support from 1.96 (02 low) 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
