Natural Gas hits support
Natural Gas is in a corrective phase and in a buying opportunity pull back from recent highs. Price is rising in an impulsive pattern and has broken out of the long-term triangle pattern.
Natural Gas has broken the bullish channel, RSI was diverging, and has now reached the Ichimoku cloud support at 3.09-3.07 price area. This is also the 38% Fibonacci rertacement of the rise from 2 month lows. I believe that this support has a lot of chances to hold and produce a new upward wave that will bring price towards 3.30.
In a longer-term basis, price has broken out and above a consolidating triangle pattern and is now back testing the upper triangle boundary from the outside. A successfull re-test this will be if price respects support and starts to bounce higher from current levels. This pull back is a nice buying opportunity and I believe NG has a lot of chances to have already completed the pull back.