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 technical outlook for 07 Mar 2013

27 sec read

ng

 
Natural gas (07.02.2013) fall from multiple resistance area.

Now natural gas is trading around 192 ($3.478) & as we can see on charts ng is facing resistance around multiple resistance area. This area also represent the 50% feb correction level of last ascedning wave & we have already seen a reversal few weeks ago. While looking at day chart , we have also identified a possible H&S pattern with the neckline of 174 ($3.130). If this got a break down then we may witness a long term weakness in this counter for possible targets around 156 ($2.826). Meanwhile candlestick pattern is turning negative with indicators.

Based on above studies, we will prefer to sell ng for possible targets around 185 ( $3.335) followed by 174 ($3.130). Only a close above 202 ($3.680) area 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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3 Replies to “Natural gas technical outlook for 07 Mar 2013”

  1. The above chart also indicates elliotwave pattern and and also W pattern,hence their might be chance for it to go above 200 and can reach 217 also..but tottaly now depends upon the news flow

    1. YEs,Right now fundamentals Overtook the technical and made everything Bullish even at this over bought Levels.Things only change after the Forecast in USA were spring receiving still cold.Its now totally depends on its Own.if Thus Inventory is negative then we see NG we haven’t seen since 2009-2010.All shorters were Traped now.people who are lucky to hedge their positions in earlier would have enjoying the event of NG journey.

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