Nymex Natural Gas (NG)

Natural gas's sharp fall and break of 5.99 low indicates that recent down trend has resumed. Further decline is now expected towards next key medium term support of 5.192. On the upside above 6.428 is needed to indicate that a short term bottom is formed. Other wise, another fall is still expected even in case of recovery.

In the bigger picture, the three wave structure of the rise from 4.3 to 13.69 argues that it's part of a longer term consolidation that started at 15.65. The current fall from 13.69 should represent the third leg of such consolidation. As mentioned before, corrective structure of the rebound from 5.99 to 7.36 argues that whole decline from 13.69 is still in progress. Break of 5.99 indicates that fall from 13.69 has resumed for 5.192 low and below. But downside should be contained by 4.3 low and bring strong rebound. On the upside, break of 6.978 resistance is needed to be the first signal that whole decline from 13.69 has completed.

Nymex Natural Gas Continuous Contract 4 Hours Chart

Nymex Natural Gas Continuous Contract Daily Chart

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