Nat Gas headed lower as expected to hit our target of 3.209/06 where we predicted a low for the day and in fact the market bottomed at exactly 3.207.

The bounce has already taken us to our first resistance at 3.300/310 which we predicted would be tough to beat and so far we have not made it through here. However a break above 3.325 does look more likely today for further gains to a target of 3.374/386. If we manage a push through this resistance we should close the gap at 3.426.

The downside should be more limited today with a recovery possible in to the end of the week. There is a little support at 3.24 then yesterday’s low at 3.215/207. Below here we hit strong support from the 5 month trend line at 3.175 which should see us bounce but a break could keep the pressure on for 3.122 then 3.087.




Long term levels

3.933     2012 High

3.804     200 Week Moving Average

3.748     December High

3.645     Last Week’s High

3.411     Last Week’s Low

3.348     100 Week Moving Average

3.399     100 Day Moving Average

3.079     Weekly 38.2% Fibonacci

3.006     200 Day Moving Average


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