Natural Gas (NG) Breaks Below Key 2.5 Level Ahead of Storage

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Natural Gas (NG) slid more than 2% yesterday, breaking back below the psychologically key 2.5 whole figure level. NG was rejected yesterday at descending wedge resistance (on the 4hr chart), and is now testing wedge support. Significantly, NG remains just below prior horizontal support (on the weekly chart) as defined by the 2018 low. With the descending wedge (on the 4hr chart) nearly complete, any additional downside following this week's highly anticipated storage data Thursday at 1030am EST, will likely be modest and followed by a notable reversal higher in the days after. Nevertheless, bulls should be prepared for a possibility of a deeper slide post-storage given the still downsloping weekly and daily MACD. I am looking to enter long today in the green zone (of the daily chart), targeting the red zone for mid next week. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

Natural Gas (NG) Weekly/Daily/4hr

NG (Natural Gas) Technical Analysis

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