Natural Gas (NG) Testing 38.2% Fib Retrace of Jan-Feb Rally
Natural Gas (NG) is consolidating going into today’s European morning after yesterday’s strong bounce, and likely to continue hesitating ahead of Thursday’s highly anticipated weekly storage data. Significantly, NG is trying to halt the strong slide last week, with the rebound off upchannel support (on the weekly chart) and the 38.2% Fib retrace of the Jan-Feb rally suggesting decent odds for bulls to regain control following Thursday’s storage data. Nevertheless, bulls should not rule out a retest of last Friday’s low by early next week, with odds low in the same period for a break below the 50% Fib retrace of the Jan-Feb rally. Congratulations to Premium Members who benefited from the opportunities highlighted April 1st, April 17th, Aug 3rd andJan 27th. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking at entering long in the green zone (of the daily chart), targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here to read today’s technical analysis of Silver, Corn
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