Nymex Natural Gas (NG)

Natural gas dips mildly today but recovery from 3.155 could still extend further with 3.251 minor support intact. More upside could be seen to channel resistance at 3.086. Nevertheless, upside will probably be limited there and bring fall resumption. On the downside, below 3.251 minor support will flip intraday bias back to the downside and break of 3.155 will indicate fall resumption towards 3.0 psychological level next.

In the bigger picture, natural gas's whole fall from 13.69 is still in progress. Trading inside falling channel and below 55 days EMA (3.928), there is no signal of reversal yet. The current fall from 13.69, which is treated as part of the consolidation pattern that started at 15.78, could still extend further towards 100% projection of 15.78 to 4.593 from 13.69 at 2.50. On the upside, though, above 4.424 resistance will be an important signal of bottoming and will open up the case for stronger rebound.

Nymex Natural Gas Continuous Contract 4 Hours Chart

Nymex

Nymex Natural Gas Continuous Contract Daily Chart

Nymex