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Natural Gas Power

By Gary Morrow
3:14 p.m. EDT

National Fuel Gas(NFG Quote) is one of the top dollar gainers on the NYSE today. The stock is up 12% on very heavy trade following yesterday's third-quarter earnings report. The company also raised its guidance for the remainder of the year.

Investors are responding in a very bullish way, bidding the stock up $5. This surge has pushed NFG to new highs for the year and above last October's high. The big ramp today extends a powerful run NFG began on July 15 with a high-volume breakout.

In early July the stock faded a bit after finishing off June near the month's highs. A very low-volume pullback dropped the stock down to support at its 50-day moving average. NFG held this support, much like it did in April and May, and quickly turned higher.

Once the stock took out the June highs, volume began to accelerate confirming the breakout. With the addition of today's gains NFG is now up 30% in a month.

NGF Daily (NYSE) -- National Fuel Gas Source: TradeStation

I expect more upside for the stock before it runs into heavy resistance near $50. Strong support is in place near $41, but I doubt that level will be tested before the push to $50. It's likely the stock forms a new base above that area, possibly as high as $45.

No positions.