NATURAL GAS Expecting a dead-cat-bounce. Get ready to sell it.

31 julNatural Gas (NG1!) has been trading within a long-term Falling Wedge pattern since the April 2023 Low, with its latest Lower High coming right at the top of June 11 2024.

With a short-term bullish divergence on the 1D RSI, we expect to see a 'dead-cat-bounce' in August, which even though it might get as high as the 0.786 Fibonacci retracement level to price yet another Lower High, an acceptable level to get a sell entry again, would be the 1D MA50 (blue trend-line).

Our Target is 1.400, which would be the -0.5 Fibonacci extension (where the February 20 2024 Lower Low was priced), even though the Wedge's technical Lower Low extends as low as 1.200.

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