NGH12 – Natural Gas (NYMEX) (Last:3.581)

Natural Gas NYMEX (NGH12) price chart with targetsTwo bearish patterns that have been weighing on this vehicle are so clear that lower prices seem likely. My worst case target is 2.305, well beneath the so-far multiyear low at 3.470 that was recorded a week ago and 35% below current levels. It is the ‘D’ Hidden Pivot target of the pattern shown, and with a sibling midpoint at 3.790, a rally to that number should be viewed as a shorting opportunity, provided “camouflage” is used. If a dead-cat bounce should exceed the midpoint, however, the next would be at 4.422, my maximum upside projection for any bear rally and a potential back-up-the-truck number for shorts.  Note:  I will switch to coverage of the January contract henceforth, but please use 2.210 as its bear-market target.  That number is equivalent to the March target at 2.305 and has 3.783 as a midpoint sibling.

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