Nat Gas 820/25 Target Was Hit
Jason Sen | Jul 31, 2014 06:03AM ET
Natural Gas September contract in a holding pattern above strong 200 week moving average support at 3715/05. Our 3820/25 target was hit again yesterday and held. Above 3795 allows at retest of 3820/30 but a sustained break higher today is very positive. We should target 3855/60 and perhaps as far as strong resistance at 3890/3900. A high for the day is expected here. Exit longs and try shorts with stops above the gap at 3940.
All important 200 week moving average support at 3715/05 is key this week for the September contract as well. We already know this is our best chance of a low for the 6 week bear trend. Bulls must work hard to defend this level this week if we are to mount a correction in this severely oversold market. Exit shorts and try longs but be aware that we also have longer term Fibonacci support at 9660/50. These are important major longer term levels and a good chance of an end to the steep 6 week sell off.
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