NaturalGas Daily Analysis
Natural Gas is down 79% after our great call in August. The commodity reached the $2.00 psychological level (as we foresaw yesterday) and can start exploring the range between $2 and $1. It would not be a big surprise.
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
Natural gas closed the day with a typical bearish continuation candle. The odds of moving lower are quite high for tomorrow.
A similar message was sent by the $UNG and $BOIL candles. Respectively, $KOLD points upwards.
ELLIOTT WAVES
The current hypothesis is that Natural Gas is exploring wave 3.
SUMMARY:
Natural Gas daily odds remain bearish and the ride has better chances to continue tomorrow.
There is no strong indication on the daily or smaller frames about possible bullish reversal.
A bigger picture and perspectives were discussed in the latest weekly report on Saturday, March 25th. It can be viewed here:
https://investingangles.com/2023/03/25/naturalgas-weekly-analysis-natgas-ng-ung-boil-kold-4/
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