Technical forecast for Natural Gas

gas

Natural Gas continued lower as expected & got very close to a retest of recent lows at 3.531/526. We saw a good bounce from 3.546 leaving a double bottom in place & this should now see today’s outlook more positive. We face resistance at 3.692/701 but above here we can run up towards 3.754, perhaps as far as 3.785. Bear in mind the 200 day moving average at 3.682, so a close above here today should keep the outlook positive for the rest of the week.

Support at 3.634 may offer a buying opportunity but a break lower could target 3.577/574 then yesterday’s low of 3.546 before June lows at 3.526.

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