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Nat Gas: Completed Bearish Head And Shoulders Pattern

Published 01/12/2014, 06:22 AM
Updated 07/09/2023, 06:31 AM
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Nat Gas Weekly Chart
Natural Gas completed the bearish head and shoulders pattern exactly as predicted yesterday and we collapsed to our target of 4000/3995 in just one session and bottomed exactly here. This week has worked exactly as expected but we are now oversold at strong support. A low for the correction is expected therefore and we should see prices stage a recovery today. We look for a move towards first target and resistance at 4120/25. If we continue higher look for 4190/99 and a high for the day here. Exit longs and try shorts with stops above 4225.

4000/3995 remains good support after we bottomed exactly at our target for the predicted sell off. However longs need stops below 3950 for a topside of 3920/15.

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