Technical Forecast for Natural Gas for 19th May 2013

Natural Gas did bottom out & push higher as predicted, to reach our upper target of 4.092. We start this week looking positive so watch for a break above 4.097 to take us up towards 4.130/33 & possibly as far as 4.163. We should struggle in this area today so watch for a high for the day but if we push on we could reach 4.230/250 perhaps later in the week.

 

Failure to beat resistance at 4.093/97 today however could see us drift back to 4.015. We should meet buyers here so watch for a low for the day but if we continue lower we could retest 3.940/930 support.