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Natural gas dropped through the 6.05 mark during the Europe session on Friday before finding some support. The commodity is seen to be trading close to 5.40 at this point in writing and is expected to produce a rally through 8.00-10 levels in the near term. Bulls are expected to hold prices above 6.00 to keep the near-term structure intact.
Natural gas has produced a meticulous rally since January 2020 after hitting lows around the 1.50 mark. The entire rally now looks to be complete at the 9.65 high, hitting the Fibonacci 0.618 extension projected on the daily chart. The commodity should ideally be on its way towards carving a corrective drop through 4.6 going forward.
Natural gas has already carved the first leg of the corrective decline between 9.65 and 6.05 in the past few trading sessions. Prices are expected to take a break and pull back through 8.00-10 in the next few trading sessions before turning lower towards the 4.6 mark. Notably, 4.6 is also the Fibonacci 0.618 retracement of the entire upswing.
Potential short term rally through 8.0 then drop towards 4.6 against 9.65
Good luck!
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