Posts Tagged ‘Natural Gas Weekly Technical Outlook’
Natural Gas Weekly Technical Outlook
Nymex Natural Gas (NG)
Initial outlook remains neutral this week as sideway consolidation from 4.975 might continue. Nevertheless, as noted before, natural gas has likely bottomed at 2.409 already. Downside of the consolidation should be contained above 3.635 support and bring rally resumption. Above 4.975 will target 38.2% retracement of 13.64 to 2.409 at 6.7 next. On the downside, break of 3.635 is needed to indicate that the rebound has completed. Otherwise, short term outlook will remain bullish.
In the bigger picture, medium term fall from 13.69 is treated as part of the long term consolidation pattern that started at 15.78 back in 2005. The whole consolidation might have completed at 2.409 after meeting 100% projection of 15.78 to 4.593 from 13.69 at 2.50. We’re looking at the prospect of medium term rise to 61.8% retracement of 13.64 to 2.409 at 9.38 in medium term.
Nymex Natural Gas Continuous Contract 4 Hours Chart
Nymex Natural Gas Continuous Contract Daily Chart
Nymex Natural Gas Continuous Contract Weekly Chart
Nymex Natural Gas Continuous Contract Monthly Chart
Natural Gas Weekly Technical Outlook
Nymex Natural Gas (NG)
Natural gas’s rally extended further to as high as 4.035 last week and remains firm. Upside momentum might be diminishing a bit but further rise is still expecvted wtih 3.733 minor support intact. Next target is 4.162 key near term resistance and break there will solidify the case that Natural gas has bottomed out and bring further rise towards 4.575 resistance next. On the downside, below 3.733 will indicate that a short term top is in place and bring pull back first.
In the bigger picture, 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 staying positive, a short term bottom should at least be in place at 2.409. Also, such development argues that fall from 13.69 might have 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 to test 55 weeks EMA (now at 4.76) and then 38.2% retracement of 13.69 to 2.40 at 6.71. 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
Nymex Natural Gas Continuous Contract Weekly Chart
Nymex Natural Gas Continuous Contract Monthly Chart
Natural Gas Weekly Technical Outlook
Nymex Natural Gas (NG)
Natural Gas rose sharply to as high as 3.90 last week before turning sideway. The strong rebound sent daily MACD back into positive territory and argues that a short term bottom is at least formed in 2.409. Further rise is now in favor as long as 3.321 support holds, towards 4.162 key near term resistance. Break there will solidify the case that Natural gas has bottomed out and bring further rise towards 4.575 resistance next. On the downside, below 3.321 support will suggest that rebound from 2.409 might have completed and will flip bias back to the downside for retesting this low.
In the bigger picture, 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 have 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 to test 55 weeks EMA (now at 4.79) and then 38.2% retracement of 13.69 to 2.40 at 6.71. 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
Nymex Natural Gas Continuous Contract Weekly Chart
Nymex Natural Gas Continuous Contract Monthly Chart
Natural Gas Weekly Technical Outlook
Nymex Natural Gas (NG)
Despite breaching 50% retracement of 4.16 to 2.409 at 3.28, Natural gas’ sharp fall on Friday is still inline with the view that rebound from 2.409 is merely a correction to fall from 4.162. Initial bias is flipped back to the downside this week. Break of 2.744 minor support will bring retest of 2.409 first. Break there will bring fall resumption to 2.0 psychological level next. On the upside, however, break of 3.424 resistance will argue that natural gas has indeed bottomed and will turn focus back to 4.162 key near term resistance.
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 was already met but there is not 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
Nymex Natural Gas Continuous Contract Weekly Chart
Nymex Natural Gas Continuous Contract Monthly Chart
Natural Gas Weekly Technical Outlook
Nymex Natural Gas (NG)
Natural gas dropped sharply to as low as 2.409 last week, meeting mentioned target of 2.50 projection level before rebounding strongly. Break of 2.755 minor resistance suggests that an intraday low is in place. Initial bias is neutral this week and some consolidations might be seen. But recovery should be limited below 50% retracement of 4.16 to 2.409 at 3.28 and bring fall resumption. Below 2.409 will target 2.0 psychological level next.
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 not 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
