Natural Gas March Contract - Forecast for 02/26 by Daytradeideas.com

Natural Gas is closing in on the short term 61.8% Fibonacci resistance at 3.446/3.460 where we also meet the 100 day & 21 week Moving Average. We are sting to look over bought in the short term so there is a good chance of us topping out here. However a push through 3.480 keeps the positive momentum going for 3.505/3.512 & possibly as far as 3.534.

A big sell off is not expected but any profit taking could take us back to 3.385/377 but if this does not hold look for 3.341/337.

Long term levels

3.933     2012 High

3.796     200 Week Moving Average

3.748     December High

3.461     100 Day Moving Average

3.337     Last Week’s High

3.319     100 Week Moving Average

3.095     200 Day Moving Average

3.079     Weekly 38.2% Fibonacci

The article was first published by DayTradeIdeas.com