Natural Gas Daily Technical Outlook

Nymex Natural Gas (NG)

Natural gas' fall resumes by taking out 4.257 and drops to as low as 4.182 so far. Intraday bias is back to the upside whole decline from 5.196 is expected to target a test on 3.81 key support level next. On the upside, above 4.35 minor resistance will turn intraday bias neutral and bring recovery. But another fall would remain in favor as long as 5.007 resistance holds.

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.

Nymex Natural Gas Continuous Contract 4 Hours Chart

Nymex Natural Gas Continuous Contract Daily Chart