Nymex Natural Gas (NG)
Natural gas is staying in tight range today and some sideway trading might be seen. But after all, further rise is expected with 4.351 minor support intact. Current rebound from 2.409 is still in favor to extend further to 38.2% retracement of 13.64 to 2.409 at 6.7 next. However, considering mild bearish divergence condition in 4 hours MACD, break of 4.351 will indicate that a short term top is formed and bring longer consolidations before resuming the rise from 2.409.
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
