Natural Gas – Daily Analysis
In our daily Natural Gas analysis, we track candlestick formations across multiple time frames, align them with Elliott Wave structures, and review supporting technical indicators. This approach helps maintain consistency in evaluating both short- and long-term market perspectives.
CANDLES
I was in the middle of writing that NG closed today with a bullish continuation candle above the 8 EMA and showed strong bullish effort on the 2D frame—then it opened 20% above the close.
First of all, I’d like to note the prospective 5D and weekly closures tomorrow. I highly doubt NG will drop significantly, which would mean the weekly will form a classical Rising 3 Methods (that I discussed last week) with very high bullish odds. However, a current very sharp move higher will likely stretch the technicals, and NG might experience a few more weeks of consolidation before making another leg higher.
Short term: bullish
Mid term: bullish (starting tomorrow, almost guaranteed)
Long term (15D+): leaning bearish
ELLIOTT WAVES
(no changes, just refreshed the charts)
UNG – Short Term
UNG continues to look impulsive in the mid term. Today’s wave off the bottom also appears as a clean impulse at the micro level. The invalidation level for the green count is marked on the chart.
Well, NG2 opened today right in the middle of the target, making another big gap, possibly starting wave iii with an enormous push.
SUMMARY:
Natural Gas bulls were indeed serious yesterday, and even more convincing today. NG flipped strongly bullish on the daily and will likely do the same on the weekly frame tomorrow. After tomorrow, most likely, we’ll see a pause for several days, or even weeks, before the next leg up unfolds.
—————————————————————————————————————–
Happy Trading!
