Despite negative closure today, Natural Gas candles formed a bullish combo with slightly better odds for a move up tomorrow.
___ 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.
The daily NG candle did not close at a lower low and, as a result, formed a moderately bullish combo which has slightly better chances to resolve upwards. Note that the gap was not closed and is still a very strong support.
The 15-day candles, which closed last week, formed a Ladder Bottom combo and it instills certain optimism for the mid term perspective.
The larger candles and long term odds were discussed in details in the Monthly Report which can be viewed here.
$UNG, $BOIL, and KOLD closed the day with the neutral candles which could be either bearish or bullish, and a strong confirmation is required for either path.
Natural Gas has slightly better odds for following the blue mid-term path which was discussed in the weekly report along with the very long term perspective. They can be reviewed here:
As the bullish odds are slightly higher, I will keep the bullish path as primary.
The bullish path is not confirmed yet, but the candles and technical indicators signal a possible rally for at least 20% in the following 1-2 weeks.
The bigger picture was discussed in the latest weekly report.