Nymex Natural Gas ( NG )
Natural gas made a temporary top at 4.729, just ahead of 100% projection of 3.731 to 4.48 from 3.99 at 4.739. Intraday bias is turned neutral for the moment and some consolidations could be seen. But we'd expect downside to be contained by by 4 hours 55 EMA (now at 4.491) and bring another rise. Above 4.739 project level will target 4.879 key resistance next.
In the bigger picture, price actions from 6.108 should be consolidations to rebound from 2.409 only, no change in this view. Current development argues that such fall has completed with a head and shoulder bottom reversal pattern (ls: 3.81; h: 3.255; rs: 3.731). Focus is now on 4.879 resistance. Break will confirm this case and should bring medium term rally through 6.108 resistance to 38.2% retracement of 13.694 to 2.409 at 6.72.
Nymex Natural Gas Continuous Contract 4 Hours Chart
Nymex Natural Gas Continuous Contract Daily Chart