October Natural Gas is setting up for a bearish Cypher pattern. Today NG made a bearish flag suggesting more downside to 2.746 which is S2. S3 will be a hard fall seeing that this market is oversold.
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Gas rolling over looking to drop to S2 at 2.745. Must break support at 2.8. This would bottom out RSI for an upward move to 3.123 at a minimum. However, great hot weather across North America may force NG down more before recovering. We may get a long warm, dry fall to mid winter. Pivot maybe the only height NG will get for now.
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NG found support at S1 and surged up to pivot. Next upside target eclipse 20 day average and then R1 at 3.051
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NG on its way to Cypher completion Next upside target is R2 at 3.123