Natural Gas Weekly Technical Outlook

Natural gas dropped further as expected and reached as low as 4.739 last week but stabilized there and turned sideway. Initial bias remains neutral this week and some more consolidations could be seen. Note again that price actions from 6.108 are treated as correction in the larger rally only. Hence, even in case of another fall, we'd expect strong support from 100% projection of 6.108 to 5.06 from 5.68 at 4.632, which is close to 38.2% retracement of 2.409 to 61.08 at 4.695, to conclude the correction and bring another rally. One the upside, break of 5.204 support turned resistance will now be an early sign that correction from 6.108 has completed and will flip intraday bias back to the upside for 5.680 resistance for confirmation

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Natural Gas Weekly Technical Outlook