FX.co ★ Elliott wave analysis of UNG for March 21, 2023

Natural gas has failed to rally above resistance at 8.97 and remains caught in the possible corrective decline in wave ii. We have revised our outlook as the failure to break above resistance at 8.97 does open the door for a possible new low below 7.15. If a new low is printed, it will be short-lived and the price will not travel far below 7.15 before reversing to the upside again.

To confirm that UNG has bottomed out, we need a break above resistance at 8.39 and more importantly a break above resistance at 8.97 that will call for a rally towards at least 12.00 and likely above.