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Natural Gas: Forecast February 19

By Jason SenCommoditiesFeb 19, 2013 07:28AM ET
www.investing.com/analysis/natural-gas:-forecast-february-19-155881
Natural Gas: Forecast February 19
By Jason Sen   |  Feb 19, 2013 07:28AM ET
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Natural Gas
Natural Gas

Natural Gas has good support around the 200 day moving average at 3.095/085. We also have daily and weekly Fibonacci support and mid Jan lows so this is an important level and we should bottom here. Worth exiting shorts and trying longs with a stop below 3.050.

Resistance at 3.200/202 looks unlikely to be broken just yet. However if we do push higher look for 3.224, possibly 3.245/250 for an excellent selling opportunity.
Natural Gas: Forecast February 19
 

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Natural Gas: Forecast February 19

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Comments (1)
Raj Prajapati
Raj Prajapati Feb 20, 2013 12:00AM ET
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Hi Jason, i have initiated a sell trade at 2.59. What should be the stop according to you.
Jason Sen
Jason Sen Feb 20, 2013 12:00AM ET
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Good morning Raj, special early report for you (just written): Natural Gas caught us out with a break through 3.200/202 & then 3.245/250 as we reached 3.285. There is resistance here so we could top out but a break higher cannot be ruled out for a test of 3.320/328. This is the short term 61.8% & 38.2% Fibonacci level as well as last week’s high, but also 21 day & 100 week moving average resistance & with the market over bought in the short term this should cap today. However a break could target 3.383 next. Strong support at 3.325 today but below here risks 3.20 then little to stop a retest of 3.140/125. Just below at 3.010/085 is 200 day MA, daily & weekly Fibonacci support & mid Jan lows so we should bottom here. Worth exiting shorts & trying longs with a stop below 3.050.
Raj Prajapati
Raj Prajapati Feb 20, 2013 12:00AM ET
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Good Morning Jason, Thanks a ton for the early report. Will keep the levels in mind for my trade. Are you based out of USA.
Jason Sen
Jason Sen Feb 20, 2013 12:00AM ET
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I am based in Gibraltar. I cover about 30 markets & my forecasts are completed by 6.30am UK time for the market open as my clients are banks & hedge funds. Thanks again for following me!
Raj Prajapati
Raj Prajapati Feb 20, 2013 12:00AM ET
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Your welcome jason. Thank you for the prompt reply.
 
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