Technical forecast for Natural Gas

nat_gas3

Natural Gas unable to beat 3.500 for the third day. We are getting overbought so we should struggle here again today but stops on shorts above 3.520 needed. We should then fill the gap at 3.548/556 for a selling opportunity today.

Good support at 3.412/410 for trying longs today with stops below 3.385. However the outlook is turning more negative so be ready to go with a break lower for a move towards the next support at 3.360/355 & a buying opportunity. We should see a short term bounce from here but on a break lower look for 3.330/315 & perhaps as far as 3.275/70 for a buying opportunity with stops below 3.255.

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