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Natural Gas Trading Around $3.464

Published 11/06/2013, 05:47 AM
NG
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Natural gas traded lower in last few session on delay in cold weather in US. However, it is expected to hit by cold weather soon now.

Now natural gas is trading around $3.464 and as we can see on charts, natural gas was unable to provide a close below parallel support area around $3.398 and the bounce we witness yesterday may produce a double bottom pattern for coming days. At the same time the candlestick formation is quite bullish and hinting for a bounce ahead.

On fundamental side coming US winter season may boost the inventory outflow. The last 5 year average price is $3.77 while currently trading at $3.464. Last 5 year average inventory storage is 3741 while current storage is 3779.

Based on above studies, we will prefer to go long in natural gas for possible targets around $3.66 and then may be $3.7. Only a day close below $3.3 will delay the forecast.

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