Nat Gas: Overbought And Unable To Retest October Highs
Jason Sen | Nov 26, 2013 04:17AM ET
Natural Gas overbought and unable to retest October highs at 3869. Below 3805 adds pressure and could target support at 3780. Any longs need stops below 3755 for a test of support at 3737/32, and an excellent buying opportunity with stops below the 200 day moving average at 3725.
Immediate resistance at 3850/70 should hold a move higher. However, a break above 3883/86 keeps the bulls in control of this market and can target 9364, possibly 3983.
Weekly outlook: Positive above resistance at 3850/70 and can target 3983/86 then 4040. Failure to beat 3850/70 meets support at 3740/20 then 3690.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.