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Nat Gas: Oversold On Daily Chart

Published 03/04/2014, 07:33 AM
Updated 07/09/2023, 06:31 AM
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Nat Gas Weekly Chart

Natural Gas failed exactly at resistance of 4730/50 and sold off to fill the gap at 4653/25 then retest 4441 lows last week. We bottomed at 4463 but any longs today need stops below 4430. Go with a break lower for a test of February lows at 4385/80 and possibly as far as Fibonacci and 55 day moving average at support at 4655/35. We are oversold on the daily chart, so we should see a good bounce from here.

Immediate resistance at 4625/50 could hold a move higher but be ready to go with a break higher and target resistance at 4715/35. We should struggle with a high for the day likely again. However on a break higher look for the next target of 4825 then a selling opportunity at 4900/20 this week.

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