[Natural Gas]
With the appearance of a Bearish Divergence suggests that a correction in Natural Gas may occur in the near future, but as long as it does not break and close below its Support 2, #NG will likely continue its strengthening bias.
Key Levels:
1. Resistance. 2 : 4.670
2. Resistance. 1 : 4.578
3. Pivot : 4.518
4. Support. 1 : 4.426
5. Support. 2 : 4.366
Tactical Scenario:
Positive Reaction Zone: If the price breaks out above 4.578, then #NG has the potential to test the 4.670 level.
Momentum Extension Bias: If 4.670 is broken and closes above, #NG may continue its strength up to 4.730.
Invalidation Level / Bias Revision:
The upside bias weakens if the price of #NG declines and breaks down to close below 4.366.
Technical Summary:
EMA(50) : 4.529
EMA(200): 4.487
RSI(14) : 68.11 + Bearish Divergent
Economic News Release Agenda:
There are no economic data to be released in the US session today.
