NYMEX May Natural Gas futures (NGAK0):
In the medium-term, NGAK0 is trending lower, within a descending channel. In the short-term, the decline has accelerated, as evidenced by the trade below the lower channel line.
Invalidation: From current levels, we will use a close above the middle of yesterday’s wide range, 4.571 to signal a short-term corrective bounce.
However, it would take a trade above 4.645 to signal a change in pace, and a correction of the entire last leg of the decline from the 02/16 reaction high.
Provided by NewEdge USA, LLC
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