Nymex Natural Gas (NG)

Intraday bias in Natural gas remains neutral for the moment and some more consolidations could still be seen above 4.257. Nevertheless upside is expected to be limited by 4.556 resistance and bring another fall. Below 4.257 will resume whole decline from 5.196 and target a test on 3.81 key support level next. On the upside, though, above 4.556 will mix up the outlook and turn focus back to 5.007 resistance instead.

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 5.007 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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