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.
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!
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