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Natural Gas Bulls Await Clear Signals

Commodities / Natural Gas Apr 01, 2011 - 05:01 AM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleA correction in Natural Gas prices earlier this year has kept bulls’ hopes in check. We currently wait to see if nearby key resistance levels can be breached, which would provide an initial green light.


The Commodity Specialist view

NATURAL GAS – WEEKLY CONTINUATION CHART:

Note that this year’s correction on the continuation chart held above the 2010 low.

If the recovery gets going again then note possible resistance from the 76.4% 5.425 retracement.

Further out we would target the 38.2% recovery level at 6.720 plus equality target just above at 6.910.

NATURAL GAS - DAILY CHART  MAY-11:

After brief violation of the Oct-10 low a Mar recovery has found initial resistance from the 76.4% bounce level.

This marks the beginning of a key resistance area, which also comprises the falling resistance line at 4.640 and channel top projection at 4.780. A break through these would be a clear bull sign for us.

First support is offered by the 4.171 28-Feb high now.

 

Mark Sturdy
John Lewis

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level techni44cal and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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