Daily Forecast - 15 October 2014
Nat Gas November contract
Natural Gas volatile but still just holding last week's range of 3815-4000. Yesterday retested September lows at 3812. A break lower cannot be ruled out this week despite oversold conditions however & could target this year's low for the November contract at 3786. This of course is crucial. A break lower & a close below 3770 tonight signals the start of the next bear trend with first target of 3735/25. Below here risks a retest of of 2013 lows at 3654.
We have held a range of 3806/15 up to 3950/65 for 6 days now & can only trade this range while we wait for a breakout. Immediate resistance at 3890/3900 but above here targets strong resistance at 3950/65. A break above 3965 could target resistance at 3995/99.
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