Nymex Natural Gas (NG)
Intraday bias in Natural gas remains on the downside with 4.609 minor resistance intact and further decline remains in favor. Break of 4.322 support will argue that whole rebound from 3.255 is possibly finished after hitting 61.8% projection level at 4.805. In such case, deeper decline would be seen to 3.951 support and below. Though, before a break of 4.322, rebound from 3.255 is still mildly in favor to continue. Above 4.609 will flip bias back to the upside for retesting 4.879 first.
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
Nymex Natural Gas Continuous Contract Daily Chart