Natural Gas Weekly Technical Outlook

Natural gas rose mildly last week but stayed below 2.998 resistance so far. Consolidation from there could extend with another decline. Below 2.821 minor support will turn bias to the downside for 2.665 support and below. In that case, downside should be contained by 50% retracement of 1.909 to 2.998 at 2.454 and bring rebound. Meanwhile, firm break of 2.998 will extend the larger rally to next fibonacci level 3.476.