Technical Forecast for Natural Gas
Natural Gas hit our next target of 4.230/250 where we advised to exit longs & try shorts. This worked perfectly as prices backed away to support at 4.163/133 & a low for the day was seen
here exactly as predicted. We are moving back up towards 4.230/250 for another chance to exit longs & try shorts with stops above 4.275. We would look for a drift back again to support at 4.163/133 & a low for the day possible again. However we are very overbought now in the short term so a break lower is more likely today & could target 4.090/75. If we continue lower look for good support at 4.035/015 & a buying opportunity with stops below 4.000.
A break above 4.275 however keeps the upward momentum going for a test of 4.310/ 324. If attempting shorts here we need stops above 4.364.
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