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NaturalGas Daily Update

Unfortunately, Natural Gas did not immediately confirm a reversal. But it did not negate the possibility of it either.

While the daily candles are bearish and a decline tomorrow is more probable, the 3-day candles are bullish and, if confirmed by Monday, NG would have a fair chance for a bigger bounce.

The technical indicators are mixed and don’t clearly support either direction.

From the perspective of Elliott Waves, the bullish setup is not broken until NG makes a lower low (lower than $1.992) and I continue to keep this path as primary.

The weekly closure on Friday is expected to be of great importance.

A bigger picture with the perspective bearish path is shown on the chart below.

Latest Weekly:

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