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Natural gas’ rise from 4.288 extended further last week and reached as high as 4.937. The break of 4.923 resistance indicates that pull back from 5.196 is finished with three waves down to 4.288. This in turn argue that whole rise from 3.81 is possibly resuming. Initial bias remains mildly on the upside this week for 5.196 first. Break will confirm the rise fro 3.81 has resumed and should target 100% projection of 3.81 to 5.196 from 4.288 at 5.672 next. On the downside, below 4.68 minor support will turn intraday bias neutral and bring consolidations. But downside should be contained above 4.287 support and bring another rise.

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Natural Gas Weekly Technical Outlook