Nat Gas Still Negative
Jason Sen | Dec 19, 2013 05:36AM ET
Natural Gas hit good support and our first weekly target at 4203/4193 and saw a low for the day as predicted. We bottomed exactly here to reach the 4320/25 target but 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 4325/25 however keeps the market under pressure for 4290 then 4255/50. This held the downside yesterday, but below here today 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 and 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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