Natural Gas Continues Higher. Is A Meaningful Bottom in Place?

Below is what we discussed yesterday, with prices trading around 2.68.

Since then, Natural Gas has climbed above its 20- and 50-Day EMA, and is heading for a confrontation with very substantial resistance clustered from 3.10 to 3.23-- the demarcation line between a large developing base, and an intermediate-term buy signal. MJP 6/09/15

Increasingly, my near-term work indicates that the decline from the May 19 recovery-rally high at 3.105 to last Thursday’s (June 4) low at 2.556 is a completed downleg-- to a high-low compared with the April 27 low at 2.443.

As of this moment, with nearby Natural Gas up $0.07 to 2.67, the price structure has climbed $0.10 off of last Thursday’s low, which has left behind a potentially meaningful April-June 2015 double bottom.

That said, however, nearby Natural Gas needs to claw its way above 2.72 to confirm that a significant secondary low has been established. MJP 6/08/15