Nymex Natural Gas (NG)

Intraday bias in natural gas remains on the downside with 4.512 minor resistance intact. As noted before, the break of 4.288 support indicates that whole fall from 5.196 has resumed. Further decline should be seen to 3.81 key support level next. On the upside, above 4.512 minor resistance will turn intraday bias neutral. But recovery should be limited below 5.007 resistance and bring fall resumption.

In the bigger picture, the main question remains on whether Natural gas's fall from 6.108 is finished at 3.71 already as it just drew strong support from 61.8% retracement of 2.409 to 6.108 at 3.822. We'll stay neutral first. On the downside, break of 3.81 will revive the case that whole medium term rebound from 2.409 is finished at 6.108 already and will bring even deeper fall to retest this low. On the upside. Though, note that break of 5.196 will argue that rise from 2.409 is not finished yet and will extend for making another high above 6.108 before completion.

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