Natural Gas appears to have ended to the 3 week correction yesterday as predicted in our mid session update. We headed higher as expected to almost fill the gap at 3.510/526 already. Above here today targets 3.568 then 3.616 today.
Failure to beat 3.510/526 however could trigger a drift lower to 3.495 possibly 3.540. This could hold the downside but below here risks a slide to 3.416/3.406 & perhaps as far as a retest of yesterday's low at 3.380 for a buying opportunity.
Weekly outlook: Good support at 3.412/402 & if this holds the downside we can stage a recovery to 3.549 then 3.635 & possibly as far as 3.705. A break below 3.380 offers a buying opportunity at 18 month trend line support at 3.361/358. However a break lower could target 3.215/3.173.
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Nat Gas Correction Ends, Headed Higher To 3.568
Published 11/06/2013, 07:04 AM
Updated 05/14/2017, 06:45 AM
Nat Gas Correction Ends, Headed Higher To 3.568
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