Natural Gas Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Nov 17 10 07:11 ET

Intraday bias in natural gas remains neutral for the moment. Note that on the downside, break of 3.71 will now confirm that rebound from 3.255 has completed and will turn bias back to the downside for retesting 3.255 low. On the upside, Break of 4.249 will target falling trend line resistance (now at 4.4).

In the bigger picture, current development raises the possibility that fall from 6.108 has indeed finished with three waves down to 3.255, and failed 100% projection of 6.108 to 3.81 from 5.194 at 2.896. That is, it's merely a correction to rebound from 2.409. There is no confirmation of reversal yet and key focus will be on mentioned trend line resistance from 6.108, now at around 4.4 level. Sustained break there will likely pave the way the another high above 6.108 in medium term. Though, a break below 3.255 will turn focus back to 2.409 low instead.

Nymex Natural Gas Continuous Contract 4 Hours Chart

Nymex Natural Gas Continuous Contract Daily Chart

 

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