Nymex Natural Gas (NG)
With 4 hours MACD crossed below signal line, an intraday top should be in place at 3.90. Intraday bias in Natural gas is turned neutral for the moment and some consolidations might be seen. Nevertheless, another rise is still in favor as long as 3.321 minor support holds. Above 3.90 will target a test of 4.162 key resistance. Break there will be will be an important signal that natural gas has already bottomed out. However, below 3.321 will argue that rise from 2.409 might have completed and will flip intraday bias back to the downside for retesting this low.
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 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. 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
