Nymex Natural Gas (NG)
Natural gas’ rise from 2.409 extends further today and at this point, intraday bias remains on the upside as long as 3.321 minor support holds. As discussed before, break of 4.162 resistance will be an important signal that natural gas has already bottomed out. But before that, another fall might still be seen. Below 3.321 will flip intraday bias back to the downside for retesting 2.409 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. With daily MACD turned positive, a short term bottom should at least be in place at 2.409. Also, such development argues that fall from 13.69 might has completed after meeting 100% projection of 15.78 to 4.593 from 13.69 at 2.50. Break of 4.162 resistance will affirm this case and bring stronger rally. Nevertheless, another fall could still be seen as long as 4.162 holds. Still, we’d expect strong support from 1.96 (02 low) to finally conclude the whole decline from 13.69.
Nymex Natural Gas Continuous Contract 4 Hours Chart
Nymex Natural Gas Continuous Contract Daily Chart
