NaturalGas Daily Analysis
It’s been 7 months since our epic call in August 2022; NG has lost almost 80%.
In today’s daily report we will evaluate candles which $NG, $BOIL and $KOLD formed, discuss technical events, talk about the short term perspective.
NG remains neutral-bullish. The daily candle today did not negate the bullish candle formed yesterday, keeping the odds close to neutral.
The 5D candles, which also closed today, formed a setup for a possible bottom. The chances of a bullish move in the next 5-10 days are slightly higher. The confirmations for either direction are required.
The larger candles and the long term odds were discussed in details in the Monthly Report which can be viewed here.
$UNG, $BOIL and $KOLD did not make a decision either. Their formations could become the topping/bottoming structures, but a decisive move it either direction is required to confirm.
The bullish road map has not been invalidated and still has slightly better odds to be followed. If the bottom is not confirmed, NG will continue on the red path to lower targets, which were discussed in details in the last weekly report:
The NG daily odds are barely bullish, very close to neutral. A confirmation is required for either direction.
If the bottom is confirmed in the next 1-3 days, NG has a potential to rally 25-50% in the next few weeks.
The bigger picture and probabilities were discussed in the latest weekly report; they remain unchanged.
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