Nymex Natural Gas (NG)
A short term bottom is possibly in place in natural gas at 3.825 on bullish convergence condition in 4 hours MACD. Intraday bias is turned neutral and some more consolidations could be seen first. Though, upside should be limited by 4.252 resistance and bring another fall. We'd expect current decline from 4.879 to resume sooner or later to retest 3.255 low.
In the bigger picture, current development suggests that medium term decline from 6.108 is still in progress. Such decline would now extend lower to correct the rebound from 2009 low of 2.409. Though, we'd expect strong support above 2.409 low and bring another rise. Note that long term down trend should have bottomed out at 2.409 and we'd expect another rise to push natural gas through 6.108 resistance towards 38.2% retracement of 13.694 to 2.409 at 6.72 in medium term.
Nymex Natural Gas Continuous Contract 4 Hours Chart
Nymex Natural Gas Continuous Contract Daily Chart