Natural Gas Daily Technical Outlook

Nymex Natural Gas (NG)

No change in Natural gas' outlook. Recent decline from 5.007 is still in progress with 4.375 resistance intact and further fall is expected to 3.81 key support level next. On the upside, strong rebound above 3.81, followed by break of 4.375 will argue that natural gas might have bottomed and will turn focus 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.

Nymex Natural Gas Continuous Contract 4 Hours Chart

Nymex Natural Gas Continuous Contract Daily Chart