Natural gas (08.04.2014) touched the highest level since 2010 in this winter & now its time to change the gear.
Now natural gas is trading around $4.49 & as we can see on charts, natural gas continue trading in a minor downside channel & touching the top line of descending channel which was able to stop the rally 2 times earlier. At the same time this area is just below 38.2% february correction level as well as indicators are turning negative.
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On fundamental front, continue mild weather in US major gas consumption area will reduce the gas demand & gulf area still waiting for the first storm activity.
Based on above studies, we will prefer to sell natural gas for possible target around $4.180 & then $4.030. A day close above $4.710 will reject the forecast.
natural gas trend
Any change in NG trend?
ng hit sl still the trend is negative, final bottom need to be made around 240-245 area in mcx for this year.
ng mai kaya karna hai at time