Natural Gas March Contract - Forecast for 02/07 by Daytradeideas.com

Nat Gas did not make it to 3.390/3.375 support and shorts have been stopped out above 3.445 as we look for continued strength to a target of 3.478. This should offer a good selling opportunity today with a stop above 3.491. A break higher could then target 3.551.

3.390/3.375 is support if we drift lower. This may mark the low but a break could then target 3.350/45 then 3.310 today.

Long term levels

3.933     2012 High

3.800     200 Week Moving Average

3.748     December High

3.435     100 Day Moving Average

3.396     Last Week’s High

3.343     100 Week Moving Average

3.207     Last Week’s Low

3.079     Weekly 38.2% Fibonacci

3.061    200 Day Moving Average

The article was first published by DayTradeIdeas.com