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Sunday, April 29, 2012

Important bottom in place in Natural Gas?

Natural Gas - Odds favors that an important bottom is in place with the test of 1.90. The test of 1.90 was just 6 small pips below the ideal target of 1.96 where wave [C] down from the July 2008 high at 13.96 would have equaled the length for wave [A].
With the prospects of an important bottom being in place the next resistance to look for is at 2.39 and a break above here should clear the way for a rally higher towards 4.34 longer term.
Support is now found in the 1.96 - 2.00 area, which should protect the downside for a move towards 2.39 and likely higher towards the 2,75 - 2.84 area.
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1 comment:

  1. chetan vadgamaApril 29, 2012 at 1:45 PM

    sir i have buy position @ 3$ four month back with rollover cost it cost me around 3.40$. and u have given a longer term target of around 4.34$. at what rate i should take exit ? within what time frame 4.34$ possible to come ? i m ready to hold it for another 3-6 month.

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