Natural Gas 29/04 - A potential turning point

Natural gas has hit a drastic low and may now be showing signs of turning around, after almost hitting a support line of 1500. Now part of me looks at the "almost" and is concerned that it's going to go back to complete that prophesy but for now, I'm looking at the upward potential, seeing all the empty space.

The monthly chart below highlights the long-term patterns that may be playing out, illustrating the support line at 1500 and potentially also that the price may have just hit resistance at 2064, acting as the previous temporary foundation.

This gives us our long-term pattern, which must then be supplemented with a shorter timeframe to check validity. Looking at the daily price gives us a clearer picture of the potential recent turnaround in April, shown below:

This can then be further augmented by looking closer, showcasing the short-term trend that may be emerging. Now it's very shaky and not yet fully formed but there may yet be signs of an upward trend forming.

Having said that, I'll be keeping an eye out for it making any rapid turnarounds and attempts to further plumb the depths.