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Natural Gas Shorts Need Stops Above 4370 For Selling At 4395/00

Published 12/18/2013, 07:18 AM
Updated 05/14/2017, 06:45 AM

Natural Gas hit good support & our first weekly target at 4203/4193 & saw a low for the day as predicted. We bottomed exactly here to reach the 4320/25 target & topped exactly here. We could continue higher today as far as 4347/52. This should hold a move higher but shorts need stops above 4370 for a selling opportunity at 4395/00.

Failure to beat 4320/25 however keeps the market under pressure for 4290 then 4255/50. Below here risks a retest of 4200/4195. A low for the day possible again but longs need stops below 4170. Next support seen at 4135/30.

Weekly outlook is negative & we should have ended the 4 month rally on Friday. Targets are 4195 then 4140/30 which could hold the downside this week. However if we continue lower look for 4040.

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