Natural Gas March Contract - Forecast for 02/28 by Daytradeideas.com

Natural Gas did push through 3.480 as hoped to hit the 3.534 target. We over ran just a little to 3.554 but then turned lower. We have bounced off support at 3.390 & if we can hold above 3.460 we could go for another test of 3.534/3.554 highs. It is unlikely we can push through here today as this is 10 month trend line resistance but a break would target 3.592/613.Support at 3.399/386 could hold a move lower again but a break then targets 3.339/315 where we would expect to see a bounce. If however we move below 3.320 we should fill the gap at 3.294/289 & find excellent support here.

Long term levels3.933     2012 High3.796     200 Week Moving Average3.748     December High3.461     100 Day Moving Average3.337     Last Week’s High3.319    100 Week Moving Average3.095    200 Day Moving Average3.079    Weekly 38.2% Fibonacci

The article was first published by DayTradeIdeas.com