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Natural Gas: Bullish Outlook II

Published 12/29/2016, 07:46 AM
Updated 07/09/2023, 06:32 AM
NG
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Here is what i said about NG on 22nd December:

As we expected earlier that 3.30 - 3.17 should act as bottom, it did the same and bottomed at 3.2420 and currently trading at 3.825 at the time of writing after establishing a high of 3.901
Here is the latest daily chart below:
NG Daily Chart


We are now working with wave 3 in natural gas and just finished the wave i of this current wave 3. support has been raised now at the zone of previous bottom just above wave 2 for longer term target of 4.285 if wave 3 remains normal and if it undergo the extension then further targets are 4.54/4.76/5.04 and 5.365.

Here is the lower timeframe chart of 5 hr
NG Daily Chart

Short term support now is in the zone of 3.570-3.490
Outlook remains bullish
Resistance : 3.960 / 4.101 / 4.544
Support : 3.645/ 3.570 / 3.380

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