Markets

Natural Gas Daily Technical Outlook

Nymex Natural Gas ( NG )

Intraday bias in natural gas remains neutral for the moment and some more consolidations could still be seen above 4.149 temporary low. But as noted before, whole rebound from 3.731 is possibly completed with three waves up to 4.729 already. Another fall will remain in favor after brief consolidation. Below 4.149 will target 3.99 and then 3.731 support next.

In the bigger picture, price actions from 6.108 should be consolidations to rebound from 2.409 only, no change in this view. The sharp reversal ahead of trend line resistance (5.194, 4.879) dampens the reversal case. Break of 3.99 support will confirm that rebound from 3.731 is merely a correction and has completed. In such case, a new low below 3.255 would possibly be seen before whole choppy fall from 6.108 completes and reverses. On the upside, though, decisive break of 4.879 resistance will 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

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

NG

Other Topics

Commodities