Corrective Base in Natural Gas Continues to Evolve

After an initial knee-jerk sell-off in reaction to an in-line inventory report, Natural Gas has pivoted to the upside into a strong intraday rally that has all the signs of a secondary upmove off of yesterday's multi-month corrective low at 4.221.

If my work proves reasonably accurate, then Natural Gas should be heading for another test of key Mar-Apr resistance at 4.58-4.62, which if, and when hurdled, will complete its Feb-Apr base pattern that will launch the next major advance.

At this juncture, only a decline that breaks and sustains beneath 4.313 will delay the timing of the anticipated upside thrust.


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