Natural Gas Weekly Technical Outlook

Natural gas' fall from 3.105 extended lower last week and took out 55 days EMA decisively. The development suggests that rebound from 2.443 has completed already, ahead of 38.2% retracement of 4.544 to 2.443 at 3.246. Deeper decline would be seen back towards 2.443. At this point, we're not expecting down trend resumption. Price actions from 2.443 could be developing into a sideway pattern. Thus, we'd be cautious on strong support around 2.443 to bring rebound.