Natural Gas Daily Technical Outlook

Nymex Natural Gas (NG)

Natural gas is losing some downside momentum for the moment but still, intraday bias remains on the downside for further fall. Current decline from 5.007 is part of the whole fall from 5.196 and should target a test on 3.81 support next. On the upside, above 4.184 minor resistance will turn intraday bias back to the upside for recovery.

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