Nat Gas Holds Strong
Jason Sen | Jul 28, 2014 04:32AM ET
Natural Gas has been holding strong 200 week moving average support at 3715/05 as predicted. We found a floor at 3728 on a gap lower this morning but must beat 3785 today for a chance of recovery. We can then look for 3820/25 and above here 3865/85 is possible. If prices can continue higher we have a gap to fill at 3930/40 which could well hold the correction at this stage. Watch for a high for the day. However a break higher is more positive and should then target 4005/15 for a selling opportunity.
All important 200 week moving average support at 3715/05 is key this week. 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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