Natural gas retreats once again after edging higher to 6.24 and an intraday top should be in place with 4 hours MACD crossed below signal line. Intraday outlook is turned neutral for the moment. Though, we're still favoring the case that an important bottom is in place at 5.210, inch above key long term support of 5.192. Further rise should be seen to 6.978 resistance first. On the downside, however, break of 5.477 support will suggest that rebound from 5.210 is merely a correction and will bring deeper fall to retest this low.
In the bigger picture, fall from 13.69 is treated as part of long term consolidation that started at 15.65 and might have completed after just missing 5.192 key long term support, with bullish convergence condition in daily MACD and RSI. Break of 7.36 resistance will confirm this case and should at least bring rally to 8.88 resistance and above. On the downside, though, below 5.192 will suggest that such down trend from 13.69 is resuming for 4.3 low.
