Natural Gas Weekly Technical Outlook

Natural gas's break of 2.998 resistance indicates resumption of whole rise from 1.611. Further rally is expected this week. However, as rise from 1.2523 could be the fifth wave from 1.611, we'd be cautious on strong resistance from 61.8% projection of 1.909 to 2.998 from 2.523 at 3.196 to limit upside to bring a lengthier correction. Meanwhile, break of 2.834 support will argue that it has topped earlier than we thought and turn focus back to 2.523 support.