Natural Gas - Will the Short Uptrend Go Long?

September 14, 2016 5:02AM CDT

The October Natural Gas Market has been in a short term uptrend, with 3.000 as a reasonable nearby target. A breakout upward move could challenge 3.050 – 3.100. A close above 2.920 may extend our current bull run. A consolidation between 2.820 and 2.920 could take place but only a close below that range, beneath the 2.820 number will temper the current bull forces. Close in support is seen at 2.880.  Below that, I believe 2.780 is a viable point on the charts to base support, consider reducing bullish positions, and initiating bearish plays.

Today’s pivot point is 2.910 with resistance at 2.930 and above at 2.960

Technical Support numbers are viewed 2.870 and below near 2.850

Weak outside markets are dragging on most physical commodities, however Natural gas seems to be unaffected by this fact. Natural gas is also ignoring crude oil’s recent $3 dollar slide from the September 8 th high of 47.75 down to today’s low of $44.16.

Hurricanes and tropical storms in the gulf region have also affected some of the supply side numbers.  Other weather events, like continued warm temps across the country have also supported prices.  Call for trade ideas or any questions.  888-874-8110. www.jratajczak@rjofutures.com

Natural Gas Daily

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