Nymex Natural Gas (NG)

Natural gas continue to stay in tight range for the moment and intraday bias remains neutral Fall from 5.196 is still in favor to continue and break of 4.288 will target a test on 3.81 support first. However, note that break of 4.923 will indicate that fall from 5.196 is finished. More importantly, the three wave corrective structure will in turn suggest that rise from 3.81 is still in progress for 6.108 resistance.

In the bigger picture, the corrective structure of the rebound from 3.81 to 5.196 suggests that fall from 6.108 is not finished yet. Break of 3.81 support will confirm this bearish case and revive the case that medium term rise from 2.409 is already finished. In such case, further fall should be seen to retest 2.409 low next. However, break of 5.196 will in turn indicate that medium term rise from 2.409 is still in progress for another high above 6.108

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