Friday, November 13, 2009

Natural Gas Makes New Lows

The trend certainly has been the shorts friend. And despite getting rather long in the tooth,so far there is no evidence of a reversal.


In fact the Dec contract is making contract lows this morning.
There is some 14 day RSI divergence on the daily chart but it's not
repeated and it's early.
Downside potential targets are the .382 retrace on the spot chart of
the entire move up from 2.40 to 5.35 at 4.23,  the 50% retrace at 3.88
and the .618 retrace of same at 3.53.

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