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Nat Gas Heading Toward October's Highs

Published 11/25/2013, 05:29 AM
Updated 07/09/2023, 06:31 AM
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Natural Gas unexpectedly beat 3720/30 to hit the next target of 3765. We have gapped higher this morning as we head for October highs at 3869. We are overbought so should struggle and a high for the day is possible here. However a break above 3883/86 keeps the bulls in control of this market and can target 9364, possibly 3983.

Failure to beat 3869 could trigger a drift lower to 3787. This could hold the downside but below here meets a buying opportunity at trend line support of 3750/45.

Weekly outlook: Positive above resistance at 3850/70 and can target 3983/86 then 4040. Failure to beat 3850/70 meets support at 3740/20 then 3690.

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