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Chartwhiz Natural Gas Report |
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By Jeremy Ascher
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September 14, 2011
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Oct Natural Gas: The Bulls are attempting to get something going in Natty with Tuesday's rally posting gains of 9.5 cents to close at 3980. However, patterns are overall Mixed with the market reluctant to make any significant moves in either direction away from the 4000 mark. Today's Bias is Mixed between 4018 and 3940. Mildly Bullish above 4018 and Mildly Bearish below 3940.
Upside follow through above yesterday's 4018 high looks to challenge near term key Resistance at 4065-4085 R2. A punch through 4085 is firmly Bullish, gunning for the 4130-4145 R3 Key Resistance with the potential for a spike to 4200 R4.
Downside penetration of 3940 places trade back below the 10 and 20-day moving averages with trade likely to gravitate back towards the 3870-3850 S2 Support zone. Trade is firmly Bearish below 3850, likely to take out Monday's low at 3825 S3 and target 3780 S4 Support.
Daily Chart:
 Click on image to enlarge!
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