Natural Gas continued lower as predicted to support at 3495/87 & bottomed exactly here at 3491 as expected. We shot higher beating 3595 but not quite as far as our selling opportunity at 3625.
A break higher retests November highs at 3662 but could reach as far as 3682/92 for a selling opportunity. Use stops above the 200 day moving average at 3715. Below 3580 is more negative for today & targets 3555, possibly 3520. If we continue lower look for a buying opportunity again at 3495/85.
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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Natural Gas Fails To Reach Selling Opportunity At 3625
Published 11/17/2013, 12:52 AM
Updated 05/14/2017, 06:45 AM
Natural Gas Fails To Reach Selling Opportunity At 3625
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