NaturalGas Daily Update
Natural Gas has a chance of a continued anemic rally towards the targets in rectangle for a day or two.
As I mentioned on April 3rd: “Natural Gas could experience a bumpy road for the next few days while slowly moving upwards, possibly completing a diagonal wave as shown on the chart above.” This assessment stands.
The daily candle was bullish, but the tech support was very weak. The odds are close to neutral.
The weekly formation is still open and could flip either way tomorrow.
The larger candles and formations were discussed in details in the recent monthly report on April 1st and can be viewed here:
Natural Gas is possibly working on wave c of 4. I am keeping this bearish chart until a confirmation of reversal is received.
Natural Gas daily odds are close to neutral and a confirmation is required for a direction change. The wave structure and technical indicators favor a continued move down after this consolidation is over.
A bigger picture and perspectives were discussed in the latest monthly report on April 1st.
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