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Natural Gas Technical Outlook
Wed, Dec 10 2008, 16:13 GMT
by Oil N' Gold Team
Oil N' Gold
More Analysis and Technicals on Crude Oil, Natural Gas, Gold & SilverNymex Natural Gas (NG)
Natural Gas continues to trade sideway above 5.5458 today. While some more consolidation might be seen with an intraday low in place, it should be relatively brief as long as 5.869 minor resistance holds. Fall from 6.978 should resume sooner rather than later to next target of 5.192 long term support (138.2% projection of 7.36 to 6.054 from 6.978 at 5.173). Above 5.869 will indicate that stronger recovery is underway to 4 hours 55 EMA (now at 6.149). Though, break of 6.978 resistance is needed to confirm that a short term bottom is formed. Otherwise, risk remains on the downside.
In the bigger picture, the three wave structure of the rise from 4.3 to 13.69 argues that it's part of a longer term consolidation that started at 15.65. The current fall from 13.69 should represent the third leg of such consolidation and is still in progress. Break of 5.99 now paves the way to 5.192 long term support or below. But downside should be contained by 4.3 low and bring strong rebound. On the upside, firm break of 6.978 resistance will be the first signal that such decline from 13.6 has completed. In such case, strong rally should be seen towards 8.88 resistance first.
Nymex Natural Gas Continuous Contract 4 Hours Chart
Nymex Natural Gas Continuous Contract Daily Chart
Published on Wed, Dec 10 2008, 16:16 GMT
Archive
- Natural Gas Technical Outlook
Published On Wed, Jan 7 2009, 12:27 GMT - Natural Gas Technical Outlook
Published On Tue, Jan 6 2009, 11:32 GMT - Natural Gas Technical Outlook
Published On Wed, Dec 31 2008, 09:47 GMT - Natural Gas Technical Outlook
Published On Tue, Dec 30 2008, 10:42 GMT - Natural Gas Technical Outlook
Published On Mon, Dec 22 2008, 15:14 GMT
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