Nymex Natural Gas (NG)
Natural gas loses some downside momentum ahead of 3.951 key near term support and with 4 hours MACD crossed above signal line, intraday bias is turned neutral. Nevertheless, note that we'd still expect another fall as long as 4.252 resistance holds. Decisive break of 3.951 support will confirm our bearish view that whole rebound from 3.255 has completed at 4.875. In such case, deeper decline would be seen to retest this low. On the upside, however, break of 4.252 will argue that natural gas' up trend is possibly still intact and will bring a retest of 4.879 resistance first.
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 6.108. 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 Continuous Contract Daily Chart