Natural Gas – Daily Analysis
Yesterday, bulls were given a chance, and today’s story revolves entirely around that critical level. Let’s interpret the candles and signals. In this update, we apply our full technical arsenal—key support zones, wave projections, and multi-timeframe indicators—to uncover what’s truly unfolding beneath the surface of this high-volatility market.
CANDLES
It was worth waiting until the close. Just moments before the final print, bulls may have started to celebrate—but it was premature. At the close, both NG1 and NG2 were pushed below the bottom confirmation level, keeping bears firmly in control. While some indicators suggest bulls might attempt another push tomorrow, it is likely to fail. The weekly formation currently leans neutral to bearish.
Notably, a fresh 50/200 DMA “death cross” was recorded today—another weight on the bullish case.
Natural Gas remains bearish until a compelling bullish formation emerges.
ELLIOTT WAVES
After today’s candle signals, I continue to keep the potential bullish path on the back burner, but as of now, the red path holds a higher probability.
SUMMARY:
Today, Natural Gas failed to form a bottom—missing it by just $0.001 on NG1 and $0.006 on NG2—on the daily frames. While another attempt is likely tomorrow, the daily outlook remains bearish, as do the larger timeframes. Technical support for the bearish case has also strengthened.
As I noted yesterday, “failure to close above Monday’s high would likely confirm continued downside momentum and extend the bearish trajectory.” Nothing more to add. Bulls lost their chance; bears remain in control.
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Happy Trading!
