Friday, October 30, 2009

Natty

First of all the DEC NG has held the .618 retrace of it's move off the lows.
Secondly , on the SPOT MO. the highs of 5.35 are just overhead . See   
Natural Gas Roll



Take a look at where the Fib retrace points hit on the Dec. fib .382 is 5.34, and the .618 is at 5.59 .
As mentioned many times previously:    
for the spot month ..." The "-c-" = 1.618 of "-a-" @ 5.59 That target is ALSO  c = 1.382 of a ( of a greater degree on the spot chart) AND the long term .236 retrace of 15.78 to 2.40.  That represents a significant cluster of resistance"
AND on the Dec .
"Note the Head and Shoulders neckline that also cuts right about there (5.59) : quite a lot of resistance all together.... exceeding that would be a real indication of unusual strength. The next  fib retrace on the longer term charts would be the .382 retrace of 13.70 to 2.40 at 6.72"

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