NATURAL GAS Potential rebound but bearish long-term.

Last time we gave a signal on Natural Gas (NG1!) in late November, we caught a perfect rejection and sell entry for a strong bearish December trend:


As you see, the price even closed below the 1W MA100 (red trend-line), breaking its previous 1 year Bullish Megaphone pattern, so the trend is confirmed as bearish long-term. By doing so, it has formed a Channel Down whose bottom (Lower Lows trend-line) was hit and the price bounced yesterday. Today though it resumed the downtrend.

We believe the key here is the RSI on the 1W time-frame and the Falling Wedge pattern we identified last time. This is now on its bottom as it was on October 21 2022 Low, which caused the short-term rebound to a Lower High for the Channel Down.

As long as it holds, we expect the price to rebound on the short-term in order to test the 1W MA100 and 1D MA50 (blue trend-line). A rejection there should extend the Channel Down to a new Lower Low. A break of the Channel Down downwards earlier, will simply accelerate the downtrend to the 0.618 Fibonacci and the long-term Support Zone just above the 0.786 Fib. Notice that right now the price is on the 0.5 Fibonacci.


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