I'm still neutral but will go bullish with break of neckline. Then we will see the normal back test of neckline and then....Pedal to the metal. Indicators lean towards bullishness.
As always.... time will show.
Safe trading Gents!
BM
Music at work: www.youtube.com
A reversal plunger bar formed on the 26 Sept 2013. The bar also entered inside the (0.618-0.764) Fib buy window: a good sign for the bulls. The weekly EIA natural gas report was issued the same day ir.eia.gov showing a net storage increase from the previous week. This pushed the price down to 3.450 but by the end of the trading day the price was able to regain...
Natgas posted a low on the 08 Aug 13 (3.300). We are currently trading above the 20MA where the price found double support (20MA and 1/1 downsloping Gann line). The overall chart pattern is an inverted H&S, breakout of the neckline is going to project the price higher towards the next Gann line (2/1) . Another important bullish signal is the crossing of the 50MA...
Fundamentally, there's not much out there to cause a steep jump in prices. I think this is mostly a technical move - the market was simply under priced.
Warmer weather forecasts for next week could increase demand or gas by forcing homeowners and businesses to use more air conditioning, but the South was expected to remain on the cool side, partly blunting the...
