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Nat Gas Could Re-Target January's Low

Published 01/08/2015, 07:06 AM
Updated 07/09/2023, 06:31 AM
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Nat Gas Technicals

Natural Gas February, same levels apply for today and if we hold below the 2885/80 level we could re-target January's low so far at 2811/2805. We bottomed just a fraction above here yesterday, but failure here in the negative trend is always possible today and risks a slide to 2760. If we continue lower look for 2720/15 and perhaps as far as 2650/45 this week. Any further losses could reach 2610/05 then 2575.

Immediate resistance at 2950/40 but above here could target resistance at 3000/3020. We topped exactly here yesterday, but on a break higher today look for a move towards 3060/90. Exit longs here and try shorts up to 3110/3130. Our shorts need stops above 3175. Be ready to go with a break higher to target strong resistance and a selling opportunity at 3260/3270. Our shorts here need a stop above 3300. Be ready to go with a break higher to target 3350 and perhaps as far as 3390/3400.

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