Daily Forecast - 30 July 2014

Nat Gas August contract

Nat Gas

Natural Gas in a holding pattern above strong 200 week moving average support at 3715/05 & staging a recovery as hoped. Our 3820/25 target was hit again yesterday but a sustained break higher must be seen today to signal more positive action & a move towards strong trend line resistance at 3885/90. Above is much more positive with a gap then to fill at 3930/40 which could well hold the correction at this stage but a break higher should then target 4005/15 for a selling opportunity.

All important 200 week moving average support at 3715/05 is key this week of course. We already know this is our best chance of a low for the 6 week bear trend. Bulls must work hard to defend this level this week if we are to mount a correction in this severely oversold market. Exit shorts & try longs but be aware that we also have longer term Fibonacci support at 9660/50. These are important major longer term levels & a good chance of an end to the steep 6 week sell off.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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