Technical forecast for Natural Gas for 19th May 2013

gas

Natural Gas did bottom out & push higher as predicted, to reach our upper target of 4.092. We start this week looking positive so watch for a break above 4.097 to take us up towards 4.130/33 & possibly as far as 4.163. We should struggle in this area today so watch for a high for the day but if we push on we could reach 4.230/250 perhaps later in the week.

Failure to beat resistance at 4.093/97 today however could see us drift back to 4.015. We should meet buyers here so watch for a low for the day but if we continue lower we could retest 3.940/930 support.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More