NaturalGas Daily Analysis
The bullish odds after yesterday’s closure played well and NG made another bullish candle formation. The probability for a move upwards tomorrow remains higher.
___ 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.
Today NG formed a bullish combo which normally signals higher prices ahead. Although, the bullish odds are far from overwhelming.
In order to close the week with a bullish formation on the weekly frame, NG needs to rally tomorrow at least ~4%. A 12% rally would be perfect for flipping the weekly odds bullish.
The larger candles and long term odds were discussed in details in the Monthly Report which can be viewed here.
$UNG and $BOIL daily closures could mark the beginning of mid-term rallies (opposite for $KOLD). If the first moves are confirmed tomorrow, the next week will likely be green.
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 keep the bullish path as primary.
The bullish path is not confirmed yet, but a confirmation arrives tomorrow, it will signal a possible rally for at least 20% in the following 1-2 weeks.
The bigger picture was discussed in the latest weekly report.
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