Natural Gas April Contract - Forecast for 03/21 by Daytradeideas.com

Natural Gas has struggled at 3.965-3.976 for the past 3 days. We had warned the market should run out of momentum here but we do need a stop loss on shorts above 4.050 for 4.413/414 as the next upside target. 

Failure to break higher in this severely over bought market should see us drift back to 3.924/917. Bears need the market back below here or we risk another move towards this week’s high. If we do continue lower, look for another test of 3.869/855 support & a good chance of a low for the day again. However a break of 3.834 could keep the pressure on for excellent support and a buying opportunity at 3.778/777.

Photo: daytradeideas.com Natural Gas

Long term levels

3.933     2012 High

3.924     Last Week’s High

3.793     200 Week Moving Average

3.748     December High

3.645     January High

3.590     Last Week’s Low

3.481    100 Day Moving Average

The article was first published by DayTradeIdeas.com