Nymex Natural Gas (NG)

No change in Natural gas' outlook. Recovery from 3.775 might still extend towards 38.2% retracement of 4.879 to 3.775 at 4.197. But strong resistance should be seen at 4.252 to limit upside and bring another fall. We're still favoring the case that rebound from 3.255 is completed at 4.879 already. Below 3.775 should bring fall resumption to retest 3.255.

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

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Nymex Natural Gas Continuous Contract Daily Chart

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