Today Natural Gas made a strong bullish statement, possibly signaling a 20-30% rally. ___ In today’s weekly report we will evaluate candles which $NG, $BOIL and $KOLD formed, discuss technical events, and chart the short term perspective using Elliott Waves.
NG formed a Bullish Engulfing on the daily frame. If the move is confirmed in the next few days, it will open a path to possibly new highs.
The 2D candles that also formed today are bullish, but require confirmation.
The bigger candles were discussed in details in the Monthly Report which can be viewed here.
$UNG formed a Tower Bottom and $KOLD formed a Tower Top, flipping the odds bullish and bearish respectively.
Natural Gas has better chances to follow the blue mid-term path which was discussed in the weekly report along with the very long term perspective. They can be reviewed here:
If the initial bullish move is confirmed in the next 1-2 days, NG could rally 20-30% in the following 1-2 weeks.
The bigger picture was discussed in the latest weekly report.