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Today's Reversal in Natural Gas Ends the Initial Recovery Upleg


Let's notice that today's action in Natural Gas-- a new recovery high at 3.105 followed by a vicious downside reversal and decline to 2.954 so far-- represents key downside-reversal action, and at the very least, indicates that the upmove from the April 27 low at 2.44 ended today at 3.10.

That said, the pattern carved out within the upmove exhibits bullish form, and was confirmed by my medium-term RSI momentum gauge, the combined impact of which "warns" me that after a correction runs its course, Natural Gas will again present us with a powerful buying opportunity.

In a perfect technical set up, I will be looking to reenter Natural Gas in the vicinity of 2.80/75.

As the Natural Gas correction unfolds, hopefully I will be able to fine-tune the entry window.

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