Natural Gas Weekly Technical Outlook

Natural gas's rise from 1.611 resumed last week and surged to as high as 2.454. The strong upside momentum argues that medium term trend is reversing. Initial focus in on 2.495 key resistance this week. Sustained break there will pave the way to 161.8% projection of 1.611 to 2.195 from 1.909 at 2.854 next. However, break of 2.195 resistance turned support will suggest that recent range trading from 1.684 is still in progress with another fall started.