NATURAL GAS Strong sell towards at least the 1D MA200

NYMEX:NG1!   Natural Gas Futures
Natural Gas ( NG1! ) broke below its 1D MA50 (blue trend-line) last week for the first time since February 11 and upon the first re-test as a Resistance, it got rejected. This indicates strong sell bias on the medium-term. The likely target is the zone within the 1D MA200 ( orange trend-line) and the 1D MA300 (green trend-line) or when the 1D RSI turns oversold.

With the long-term pattern being a Bullish Megaphone since July 2020, the 1D MA200 was reached on both previous Higher Lows formation. Depending on the news at the time, as long as the pattern holds, the price is then more likely to bounce back up. However NG's multi-month cyclical behavior shows that it is close to the end of the current Cycle. So if the Megaphone breaks to the downside, be ready to invest in a long-term sell. Updates will follow until then.


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