Thursday, August 19, 2010

Natural Gas Stasis

Wow, it's so boring it's exciting. Any minute NG might break out 10 cents.

 click to enlarge
Is this the new normal ? 
As depicted believe the tension between terrible fundamentals and seasonal factors will resolve to the downside.
Added after the injection number: 
Unfortunately the very slight  choppy moves seen over the last 2 weeks can be counted any number of ways.
The above is relabeled and  a good illustration of why I stated on Monday "The short term resistance at 4.37  may or may not actually get tested one more time, but the strong possibility of a "false break" to fish for stops is likely here. Bears should prefer that the highs get taken out by .5 cent and then reversed rather than an early test of the lows. "
  Natural Gas Consolidation Pattern
Meantime it now looks done and time to test 3.82

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