Nymex Natural Gas (NG)

No change in natural gas' outlook. Another fall is still in favor with 4.51 minor resistance intact. As noted before, the break of 4.322 support suggests that whole rebound from 3.255 might be over. Current decline from 4.879 should extend towards 3.951 support. Break will confirm this case and target 3.255 low. On the upside, though, above 4.51 will flip bias back to the upside for retesting 4.879 resistance instead.

In the bigger picture, current development argues that rebound from 3.255 has possibly finished at 4.879 already after hitting 61.8% projection level at 4.805. Focus now turns to 3.951 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 Continous Daily Chart