Nymex Natural Gas (NG)
Natural gas’s pull back from 4.975 is still in progress and intraday bias remains neutral for the moment as some more consolidations could be seen. Nevertheless, as discussed before, a bottom should be formed at 2.409 already. Downside should be contained above 3.635 and bring rally resumption. Current rise is expected to continue towards 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
