Natural Gas Technical Analysis

By Roger Baettig | May 14 2012 3:59 AM

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NATURAL GAS closed slightly higher in overnight trading as it extended the rally off April's low. Stochastics and the RSI are overbought but remain neutral to bullish signalling that additional gains are possible nearterm. If it extends the rally off April's low, the reaction high crossing is the next upside target. Closes below the 20day moving average crossing would temper the nearterm friendly outlook. If it renews the multiyear decline, monthly support crossing is the next downside target.

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