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Commodities

Natural Gas – Daily Analysis

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Natural Gas Open Articles Public Weekly
683

In today’s natural gas technical analysis, we assess the Henry Hub futures setup using candlestick structure, support/resistance, EMA/MACD momentum, and Elliott Wave context to gauge whether bulls can extend the rebound or a bearish continuation is next.

CANDLES

Today, NG2 formed a bearish candle that found solid support at the 20 EMA. Aside from the daily close, all larger frames continue to point bullish. The large gap upward at the contract switch today most likely signals the start of the next wave higher. Trends and momentum remain bullish, and the monthly print looks constructive with three more days to go.

All trends remain firmly bullish.

ELLIOTT WAVES

Last Wave

The potential wave 2 retraced 0.618x of wave 1 and found strong support at the lower boundary of the prospective channel. A green candle tomorrow will likely confirm that wave 3 has started.

SUMMARY:

Natty remains neutral-bullish in the short term, with strong odds of confirming the end of consolidation and the beginning of a rally. The commodity is on track for a bullish monthly close.

Short term: neutral-bullish
Mid term: bullish
Long term: bullish

Happy Trading!

Natural Gas Open Articles Public Weekly
683
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