Natural gas finally broke through the medium term rising trend line last week and closed below. The development suggest that whole up trend from 1.1902 has completed at 3.933 after hitting long term channel resistance. Further decline is now expected as long as 3.323 minor resistance holds, to 3.05 first. Break will resume the whole decline from 3.933 and should target 100% projection of 3.933 to 3.05 from 3.645 at 2.762 next.
In the bigger picture, the bounce off from the long term falling channel resistance for 6.108 retained the case that such decline isn't finished. Break of 2.575 support should make a new low below 1.902 to extend the whole long term down trend. Nonetheless, strong rebound from 2.575, followed by break of 3.933 resistance, will revive that case of long term reversal and target a test on 4.983 key resistance.
Nymex Natural Gas Continuous Contract 4 Hours Chart
Nymex Natural Gas Continuous Contract Daily Chart
Nymex Natural Gas Continuous Contract Weekly Chart
Nymex Natural Gas Continuous Contract Monthly Chart
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