Natural Gas – Daily Analysis
In today’s report, we examine Natural Gas, analyze key technical signals and the evolving structure, and identify the critical levels that will determine where Natty heads next.
CANDLES
Following yesterday’s signals, Natural Gas started the day with a move lower, but lost downside momentum and ended the session with a potential bottoming candle. As was the case yesterday, price remains above the 8 EMA support on the daily, 2D, and weekly frames.
The 2D frame also marginally recorded the 8 EMA bullish cross again. If this signal is confirmed tomorrow, the bottom will likely be solidified.
At this point, the weekly frame is positioned for a bullish close tomorrow.
ELLIOTT WAVES
Last Wave
All green, red, and alternative red counts remain on the table. Hopefully, tomorrow’s action will add clarity and remove some of the less probable alternatives.
In general, the late-April gap up still adds uncertainty and reduces the overall Elliott Wave probabilities.
SUMMARY:
Natural Gas remains constructively positioned after losing downside momentum and forming a potential bottoming candle. Price continues to hold above key 8 EMA support across the daily, 2D, and weekly frames, while the 2D bullish cross, if confirmed, would further support the bottoming case.
The Elliott Wave picture remains less decisive, with all main counts still on the table due to the late-April gap up. Overall, NG is bullish-leaning, but tomorrow’s action should be important for confirming the bottom and reducing the number of viable wave alternatives.
