Nymex Natural Gas (NG)

As noted before, prior break of 4.923 resistance suggests that Natural ga's fall from 5.196 is finished with three waves down to 4.288 already. Intraday bias remains on the upside for a test on 5.196 first. Break will confirm the rise from 3.81 has resumed and should target 100% projection of 3.81 to 5.196 from 4.288 at 5.672 next. On the downside, below 4.784 minor support will turn intraday bias neutral and bring consolidations. But downside should be contained above 4.287 support and bring another rise.

In the bigger picture, current development argues that fall from 6.108 is likely completed at 3.81 after being supported by 61.8% retracement of 2.409 to 6.108 at 3.822. In other words, rebound from 2.409 might not be finished yet. Break of 5.672 projection level will argue that rise from 3.81 is developing into an impulsive move and is possibly resuming whole rise from 2.409 for another high above 6.108.

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