Natrual Gas Weekly Chart Analysis

After a continues rally of 2 weeks from 3.696 to 4.499 yesterday good selling pressure seen in Nymex Natural Gas. But it has given a lovely breakout on weekly chart during previous week and successfully closed above that breakout level. In technical terms this types of breakout called falling wedge breakout. Yesterday good profit booking seen on upper levels 4.472 and low made 4.153 and closed at 4.187 near day low. I was expecting a correction till 3.920 in this counter before a new bull trend that has seen yesterday now buyers need not to go short in panic. As per this chart 3.780 looking good support and 4.200 is acting as a midpoint this is the 50% Retracement in terms of Fibonacci. Personally I am expecting a good bull trend in natural gas in coming days till 4.900 and 6.000 and seasonal demand in us will also support this technical view. Around 3.920 will be best buying those who want to enter in longs in Natural Gas.

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