Natural Gas opened below the 200 day and 200 week moving averages at 3.700/740, giving us our sell signal as we broke the 100 day moving average at 3.615, to hit the next downside target at 3.580/573 as predicted. Today's outlook remains negative and if we hold below 3.580 we look for a test of last week's low of 3.545. A break lower today cannot be ruled out and could target 3.500. A good chance of a low for the day here so we should exit shorts but if we try longs we need stops below 3.480. We then look for a test of the next support at 3.440/415.
Above 3.580 is more positive with prices very oversold short term and could target 3.636/644. We should struggle here so watch for a high for the day. However on a break higher we could stretch to 3.680/690 for a selling opportunity.
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Nat Gas Outlook Continues Negative
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