Natural Gas Daily Technical Outlook

Nymex Natural Gas (NG)

Natural gas's fall continued as expected and reached as low as 3.83 so far. At this point, intraday bias remains on the downside. Decisive break of 3.81 key support will confirm that whole fall from 6.108 has resumed and should target 100% projection of 6.108 to 3.81 from 5.194 at 2.896 next. On the upside, above 4.029 minor resistance will indicate that a temporary low is formed and turn bias neutral first.

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