Natgas Natural Gas Technical Analysis Today - Elliott Wave and Price News
Why It Matters
A confirmed break above resistance could signal a market bottom, while a slip into the $2.43‑$2.71 support zone may deepen losses for natural‑gas traders and related industries.
Key Takeaways
- •Price hasn't broken February low, indicating no confirmed bottom.
- •Break above yellow trend line needed for bullish reversal.
- •Potential downside target lies between $2.70 and $2.43.
- •Elliott Wave suggests ending diagonal, possible fourth‑wave extension.
- •Fibonacci support zone $2.43‑$2.71 may test soon.
Summary
The video provides a technical read on natural‑gas futures, focusing on Elliott Wave structures and key price levels. The analyst notes that the market has yet to post a decisive lower low beneath the February trough, and a clear bottom will only be confirmed if prices break above the yellow trend line and the green resistance zone.
Key data points include a recent downward move that began on March 9, which the presenter interprets as an ending diagonal pattern—a less‑than‑ideal micro‑structure. He outlines a possible wave count: the current move could represent the third wave, with a fourth wave poised to extend lower, targeting the next Fibonacci support corridor between $2.71 and $2.43.
He emphasizes that the local downtrend is losing momentum, yet the next support zone remains vulnerable. The analyst highlights the importance of watching for a breakout above the trend line as a bullish signal, while also warning that a test of the $2.43‑$2.71 range could trigger further downside pressure.
For traders and market participants, the analysis suggests maintaining a cautious stance: monitor the $2.70‑$2.43 band for support breaches and be ready to adjust positions if the price clears the identified resistance levels, as these moves could reshape short‑term sentiment in the natural‑gas market.
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