Natural Gas just held no to 3.520 as hoped but short term the outlook is more negative so a move towards 3.610/620 is a selling opportunity. A break higher not expected but if seen could target 3.680/700 where a high for the week is expected. A drift lower looks more likely today to support at 3.500/490. A break lower cannot be ruled out & could target 3.450 & possibly 3.416/3.406. Below here we could expect to test last week's low of 3.380 for a buying opportunity.
Weekly outlook
Downside pressure could resume at the start of the week but it is crucial that we hold last week's low of 3.379,as a break ends the 7 month bull run & targets 3.220/175. A close above the 100 day moving average at 3.585 would be more positive this week but we then need a close above strong resistance at 3.682.
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Natgas: Sell On Move Towards 3.610/3.620
Published 11/11/2013, 05:42 AM
Updated 05/14/2017, 06:45 AM
Natgas: Sell On Move Towards 3.610/3.620
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