NGAS - A potential BUY

FX:NGAS   Natural Gas (Henry Hub)
Yesterday NGAS tested the bottom of the symmetric triangle it has been trading in over the past weeks, the support held up and the market is moving towards the upper resistance of the triangle. Looking at the STOCH and MACD , clear bullish patterns are emerging, further supported by yesterdays US NGAS stock data, which showed a higher than expected decrease of -51B, vs -45B expected. If the market breaks through the upper limit of the triangle a rally is likely towards 3.82, before first resistance is reached. If the upper limit holds up the market could reverse towards the lower limit of 6.30.

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