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The 16-year downtrend is clearly broken and the technical picture for NG has clearly change and we should look for the next upside target, which is seen at 4.59. However the long-term picture calls for much higher levels.
Support is seen at 3.32 with key support at 3.13 which is expected to protect the downside for the rally higher towards 4.59 and 6.11 as the next major upside targets.
Trading recommendation:
Buy Natural Gas or UNG shares for the expected rally to 4.59 and ultimately a lot higher.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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