Mantraa Commodity Mantra commodity is an analyst group involved in technical analysis of all major commodities gold, silver, crude, copper, natural gas etc. Mantra commodity serving to clients from last 7 years & made a strong bond of trust with our dedication towards work.Our main functioning area is .Technical analysis on all major commodities available HERE. Or you can write us on mantracommodity@yahoo.com HaPpY TrAdInG.

Natural Gas – One More Pump Pending?

35 sec read

Natural gas (28.01.2014) traded higher as per last report expectation. However heavy profit booking before rally disturbed the levels of stop loss.
 
Now natural gas march future is trading around $4.810 & as we can see on charts the over bought indicators added more space after yesterday profit booking session. However the correction was limited by 38.2% feb area of last rally & also nearing to the parallel support around $4.560. At the same time RSI still staying in positive territory & the candlestick pattern is neutral. This structure indicate for another sharp rally in coming trading session.
 
On fundamental side, US not coming out of heavy winter season & expecting another snow storm this week. This producing record demand of ng & bringing the inventory level to 2423 bcf which is lowest in last 5 years.
ng

 

Based on above studies, we will prefer to buy natural gas for possible targets around $4.950 & then $5.250. Only a day close below $4.430 will force us to reanalyze the charts.
Mantraa Commodity Mantra commodity is an analyst group involved in technical analysis of all major commodities gold, silver, crude, copper, natural gas etc. Mantra commodity serving to clients from last 7 years & made a strong bond of trust with our dedication towards work.Our main functioning area is .Technical analysis on all major commodities available HERE. Or you can write us on mantracommodity@yahoo.com HaPpY TrAdInG.

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