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Intraday bias in natural gas remains neutral for the moment and more consolidations could be seen above 3.395 temporary low. Though, outlook remains bearish as long as 3.777 resistance holds and fall from 4.144 is still expected to continue. Below 3.395 will target 61.8% projection of 5.007 to 3.61 from 4.144 at 3.281 next. On the upside, however, above 3.777 will argue that fall from 4.144 is over and bring stronger rebound towards this resistance.
In the bigger picture, whole decline from 6.108 is still in progress and further fall should be seen to 100% projection of 6.108 to 3.81 from 5.194 at 2.896 next. More importantly, recent development revived the case that medium term rebound from 2.409 is completed at 6.108 already. Also, fall from 6.108 might indeed be resuming the long term down trend for a new low below 2.409. We'll pay attention to the structure of the current decline for more hints. On the upside, break of 4.144 resistance will be the first signal of reversal. Further break of 5.007/194 resistance zone will in turn argue that fall from 6.108 has finished.
Nymex Natural Gas Continuous Contract 4 Hours Chart
Nymex Natural Gas Continuous Contract Daily Chart
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