Natural Gas price is in a short-term uptrend evidenced by the rising sequence of peaks and troughs on the 4-hour chart, and the fact it is trading above all its key Moving Averages.
Natural Gas is correcting within a short-term uptrend. The RSI is giving a sell-signal further increasing the chances of a pullback evolving. The trend is expected to continue after the correction has finished. Given the old adage that “the trend is your friend,” the commodity is likely to continue rallying over the short-term horizon unless and until the evidence suggests otherwise.
The RSI has just moved out of overbought and re-entered neutral territory during the last bar, giving a sell signal. Taken together with the pullback in price it suggests the possibility of a deeper correction unfolding. The zone of support between $2.42 and $2.32 MMBtu is likely to underpin any declines, however, and provide a springboard to a resumption of the uptrend eventually. After the correction Natural Gas will probably continue to new highs in line with the dominant uptrend.
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