Natural Gas Weekly Technical Outlook

Natural gas' choppy decline from 2.495 continued last week but outlook is unchanged. Such decline is viewed as a correction. While deeper fall cannot be ruled out, we'd expect downside to be contained well above 1.684 medium term bottom. Another rally is expected and above 2.172 minor resistance will target 61.8% retracement of 3.105 to 1.684 at 2.562 next. Break will bring a test on 3.105 resistance.