Nymex Natural Gas (NG)
Natural gas rises further to as high as 4.879 so far today and intraday bias remains on the upside for further rally. Break of 61.8% projection of 3.255 to 4.637 from 3.951 at 4.805 now paves the way to 5.194 resistance next. On the downside, below 4.644 minor support will turn intraday bias neutral. But after all, break of 4.322 support is needed to be the first sign of topping. Otherwise, outlook will remain bullish.
In the bigger picture, medium term rebound from 3.255 is still in progress as long as 3.951 support holds. Break of 5.194 resistance confirm that whole decline from 6.108 (2010 high) has finished with three waves down to 3.255. Such development will also suggest that the rebound from 2.409 (2009 low) is resuming for 6.108 and above, possibly to 38.2% retracement of 13.694 (2008 high) to 2.409 at 6.72. On the downside, break of 3.951 support, though, will put focus back to 3.255 support instead.
Nymex Natural Gas Continuous Contract 4 Hours Chart