Nat Gas tested 3.513/3.504. This is short term 23.6% Fibonacci and 55 day moving average support and was expected to hold the low again and we did in fact bounce from 3.512. We now need to push through resistance at 3.579/3.581 to keep the up trend going. A break above yesterday’s high of 3.596 then targets 3.613 then the week’s high at 3.645 with a break higher allowing a move to the 3.684 target to take profit on some longs, but there is scope for a move as high as 3.744 next week. We exit all remaining longs here and sell in to shorts with a stop above 3.770.

3.513/3.504 is good support again today, but longs need a stop below 3.471 for a test of excellent support at 3.432/3.424 and the chance of a low for the week if tested.




Long term levels

3.933     2012 High

3.804     200 Week Moving Average

3.748     December High

3.579     Last Week’s High

3.354     100 Week Moving Average

3.338     100 Day Moving Average

3.328     Last Week’s Low

3.079     Weekly 38.2% Fibonacci

2.943    200 Day Moving Average


The article was first published by