Natural Gas – Daily Analysis
Natty continues to move in line with our projected path and is now approaching what could be another pivotal technical signal. Yesterday’s assessment remains fully valid, with no changes to the broader outlook or targets.
CANDLES
Today, NG printed another minor green candle, likely just one more consolidation before the next leg downward. The 5D frame posted a solid bearish continuation candle, breaking below the 500 DMA support line. On the weekly chart, the outlook remains increasingly gloomy, with a fair chance of losing the 100 WMA support.
A statistical review suggests the current move still carries the potential for an additional 15–55% downside before it runs its course.
Natural Gas remains firmly bearish until a compelling bullish formation emerges.
ELLIOTT WAVES
No changes to the outlook.
Several technical factors support the view that this wave is either wave 3 or wave C of some degree. The purple alt iii target is derived from Fibonacci levels, while the blue rectangle represents a statistical estimate based on historical performance.
SUMMARY:
Natural Gas remains bearish, with elevated odds for a continued decline in both the short- and mid-term.
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Happy Trading!
