Nymex Natural Gas (NG)
Natural gas' fall extends further to as long as 4.29 so far and the break of 4.322 support suggests that whole rebound from 3.255 is possibly completed after hitting 61.8% projection level at 4.805. Intraday bias remains on the downside for the moment and deeper fall should be seen to 3.951 support and below. On the upside, above 4.51 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited below 4.879 resistance and bring another fall.
In the bigger picture, current development argues that rebound from 3.255 has possibly finished at 4.879 already. Focus now turns to 3.591 support for confirmation. Note that the corrective structure so far indicate that fall from 6.108 might not be over yet. Break of 3.951 will likely bring deeper decline through 3.255 to extend the fall from 3.951. On the upside, though, break of 4.879 will revive the case that natural gas has bottomed out at 3.255 and bring another rise towards 5.194 resistance for confirmation.
Nymex Natural Gas Continuous Contract 4 Hours Chart
Nymex Natural Gas Contract Daily Chart