Natural Gas April Contract - Forecast for 02/05 by Daytradeideas.com

  on March 07 2013 8:32 AM

Natural Gas fell back from resistance at 3.592/613 to support at 3.483 as expected. We watched for a bounce from here & although we over ran slightly to 3.462 we are now holding above 3.483.A move back up to 3.540/3.554 is possible today & even a test of resistance at 3.592/613 but we do not expect this level to be broken now.Support is at 3.483/3.462 but if we break lower we could expect to test the next support level at 3.415/3.400. This should provide a floor for today but if we sink further look for 3.359.

 

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Long term levels3.933      2012 High3.791      200 Week Moving Average3.748      December High3.645      January High3.554      Last Week’s High3.464      100 Day Moving Average3.320      Last Week’s Low3.305      100 Week Moving Average3.138      200 Day Moving Average3.079      Weekly 38.2% Fibonacci

 

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