Friday, April 30, 2010

Natural Gas Update

from Tues. Apr 27 Natural Gas
" On the upside , the c=a at 4.40, and has retraced .236 at 4.36.
On the downside, the next Fib retrace support is .76 at 3.29.
With the equities in position to top out up here at the .618 retrace of the whole move down, accompanied by record bullish % numbers, hard to be positive on the Natural. In fact, a retest of the 2.40 level can not be ruled out."
  click to enlarge
The current impulse wave down looks set to make new lows both for the contract month and against the 3.83 spot month .618 support.
The 5th wave targets 3.79 as .618 of the 1 through 3, and 3.29 per above.

No comments:

Post a Comment