Natural Gas Analysis For The Week Of March 19, 2012

May Natural Gas futures finished the week higher and in the process formed a weekly closing price reversal bottom. A trade though 2.468 will confirm the bottom and set up a possible 50 percent retracement of the break from 3.015 to 2.306 over the next 2 to 3 weeks. A closing price reversal bottom doesn’t mean the trend has changed to up. It only indicates that the buying may be greater than the selling at current price levels. Besides the retracement target at 2.661, a downtrending Gann angle at 2.604 should provide additional resistance.…

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