Natural Gas Daily Technical Outlook

Nymex Natural Gas (NG)

Natural gas lost some downside momentum with 4 hours MACD crossed above signal line. But risk remains on the downside with 4.522 minor resistance intact. Current fall from 4.983 is still in favor to continue to near term trend line support (now at 4.22). On the upside, above 4.522 will suggest that fall from 4.983 has complete and should flip bias back to the upside for retesting this resistance.

In the bigger picture, the break of 4.879 resistance revives that case that choppy corrective fall from 6.108 has already finished at 3.255 already. And the medium term rise from 2009 low of 2.409 is possibly resuming. A break of 5.194 resistance will affirm this case and should target 6.108 and above to 38.2% retracement of 13.694 to 2.409 at 6.72. On the downside, however, break of 4.077 support