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Technical Analysis with chessNwine

chessNwine
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
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A Fracking Spring Rally in Natty

chessNwine Tue Apr 8, 2014 1:24pm EST 5 Comments

Natural-Gas--8919

Crude oil is getting some play today, as black gold rallies.

However, I am also interested in re-establishing a position in natural gas.

On the weekly chart, below, note how bulls held their own around the $24 area after the breakout and subsequent orderly consolidation.

A basic concept in technical analysis is converting prior resistance into newfound support. If that is successful, it is a wildly bullish development going forward. Hence, the $24 area takes on even more significance.

Price is pushing higher today, with a close over $26 likely setting in motion another rally.

BOIL UGAZ are leveraged long ETF’s to play natty.

______________________________________________________

UNG

 

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5 comments

  1. ironbird
    ironbird
    April 8, 2014 at 1:38 pm

    FXY The short yen long Nikkei trade is real close to blowing up again.

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  2. rich
    rich
    April 8, 2014 at 4:43 pm

    Nat gas can see new highs now into summer a mania up

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  3. rich
    rich
    April 8, 2014 at 4:47 pm

    nat gas near 8 oil flat possible

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  4. rich
    rich
    April 8, 2014 at 10:09 pm

    they can take natural gas above 17 and higher

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