Nat Gas Showing No Clear Trend
Jason Sen | Oct 28, 2013 05:37AM ET
Natural Gas outlook was positive and as expected we headed higher reaching the 200 day moving average at 3.700, but continued higher to 3.731, in a strong performance. With no clear trend we watch the 200 day and 200 week moving averages in the 3.700/740 band for guidance. A break above here should target resistance at 3.760 then 3.787 and may be as far as 3.838/869 this week.
However below 3.700 is more negative and with prices overbought short term we should head for support at 3.645/635. A low for the day is possible here but any longs need stops below the 100 day moving average at 3.615. Next downside target then seen at 3.580/573.
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