NaturalGas Daily Analysis

Natural Gas already lost 77% after our call on Triple Top in August 2022.

In today’s daily report we will evaluate candles which $NG, $BOIL and $KOLD formed, discuss technical events, talk about the short term perspective.

CANDLES

After closing last week with bearish formations, as forecasted, NG continued the ride downwards. Today’s daily and 2D candles do not signal any reversal. Both trends are fully bearish.

The hourly frames are oversold and this condition can trigger a short term bounce.

The larger candles and the long term odds were discussed in details in the Monthly Report which can be viewed here.

$UNG and $BOIL show to bullish reversal sign either.
$KOLD signals a possibility of a very low opening tomorrow (below today’s low). $KOLD’s trend is bullish.

ELLIOTT WAVES

Natural Gas is likely following the red path which was discussed in details with the short term targets in the last Weekly Report on Saturday. No changes there.
The Weekly can be reviewed here:
https://investingangles.com/2023/03/18/naturalgas-weekly-analysis-natgas-ng-ung-boil-kold-3/

SUMMARY:

The NG odds are bearish and a continued ride downwards has higher probability. While NG can experience a bounce in the next few days, the bearish trend remains healthy. No strong bullish signal has been registered yet.

The bigger picture was discussed in the latest weekly report.

Good luck!

Follow us on Telegram: https://t.me/InvestingAngles