Natural Gas Bottoming; MAJOR Support
04/15/15 Weekly Re-Lay Alert: “Natural Gas created a deeper test of major price support at 2.500/NG—2.600/NG (which includes the 1–2 year HHL projection) – extending its decline and reaching 2.521/NGM. It has neutralized its daily downtrend but needs a daily close above 2.765/NGM to show any convincing signs of near-term strength.
If that fails to occur, Natural Gas could extend its decline into early-May, the next phase of a ~90-degree cycle that includes the early-May, early-August & early-Nov. 2014 highs and the subsequent, early-Feb. 2015 low.
That ~90-degree high-high-high-low-(low) Cycle Progression reinforces a corresponding, ~180-degree low-high-high-(low) Cycle Sequence – linking the early-Nov. 2013 major low (that arrived ~90-degrees after the early-August 2013 low) with the subsequent early-May & early-Nov. 2014 highs and a potential, early-May 2015 bottom.
And that would perpetuate a ~540-degree (1.5 year) low (late-April 2009)–low (late-Oct. 2010)–low (late-April 2012)–low (early-Nov. 2013)–low (late-April/early-May 2015) Cycle Progression.”
Late-April/early-May is time for significant low in Natural Gas. Critical support remains at ~2.500/NG!