Nat Gas Hitting Resistance At 3850/60
Jason Sen | Oct 30, 2014 03:54AM ET
Natural Gas December hitting resistance at 3850/60 yesterday. Failure to hold above 3895 today risks a slide to support at 3770/60 which could hold the downside as the outlook turns more positive in the short term. However, longs need stops below 3735 for a test of support at 3710/05. Try longs here looking for a low for the day but with stops below 3690.
Holding 3795 sees a retest of strong resistance at 3850/60. A good chance of a high for the day here again as we because overbought short term. However shorts need stops above 3880. Be ready to go with a break higher then using 3860 as support for a move towards 3900/05 & perhaps as far as strong resistance at 3925/35.
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