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Nat Gas: Overbought And Unable To Retest October Highs

Published 11/26/2013, 04:17 AM
Updated 07/09/2023, 06:31 AM

Nat Gas Daily Chart
Natural Gas overbought and unable to retest October highs at 3869. Below 3805 adds pressure and could target support at 3780. Any longs need stops below 3755 for a test of support at 3737/32, and an excellent buying opportunity with stops below the 200 day moving average at 3725.

Immediate resistance at 3850/70 should hold a move higher. However, a break above 3883/86 keeps the bulls in control of this market and can target 9364, possibly 3983.

Weekly outlook: Positive above resistance at 3850/70 and can target 3983/86 then 4040. Failure to beat 3850/70 meets support at 3740/20 then 3690.

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