Natural Gas closed the day with mostly neutral, barely bullish odds. ___ In today’s daily report we will evaluate candles which $NG, $BOIL and $KOLD formed, discuss technical events, and chart the short term perspective using Elliott Waves.
After a strong Bullish Engulfing on the daily frame yesterday, NG neither confirmed nor negated it today. The odds remain slightly bullish with a better chance to continue consolidation or advance tomorrow.
The larger candles and long term odds were discussed in details in the Monthly Report which can be viewed here.
Based on the daily candles, $UNG, $BOIL, and KOLD are close to neutral, and a strong directional move is required for confirmation.
Natural Gas has slightly 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:
Once the bullish odds are slightly higher, I will keep the bullish path as primary.
(the same as yesterday)
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.