Natural Gas Weekly Technical Outlook

Natural gas's decline continued last week and the break of 1.684 low indicates down trend resumption. Nonetheless, as bullish convergence condition is seen in 4 hours MACD. Also, it's close to 1.618% projection of 2.495 to 2.044 from 2.315 at 1.585, as well as lower channel line, we'd expect some consolidations first. Break of 1.775 will bring rebound towards upper channel line (now at around 2.01). Though, firm break of 1.585 would possibly bring downside acceleration to 200% projection at 1.413.