Been watching the chart of Natural Gas which you can easily follow via $UNG. Daily view below.
The last 4 years have been a relentless march lower. The action since late April has drawn my attention. We have formed a series of higher highs and higher lows. Just a few days ago the 50 day MA crossed over the 200 day to theupside. For some perspective the 50 has been buried under the 200 since 09/09/08 ! For those interested in longer term stuff the 13 week MA has crossed over the 34 week MA.
Couple of things could happen here. We could back and fill and retest the new upward trendline around 19 or the MA's or we could take out the Aug high along with the recent high at 23 which would be very bullish.
Things could get very interesting here for the patient among us.
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The last 4 years have been a relentless march lower. The action since late April has drawn my attention. We have formed a series of higher highs and higher lows. Just a few days ago the 50 day MA crossed over the 200 day to theupside. For some perspective the 50 has been buried under the 200 since 09/09/08 ! For those interested in longer term stuff the 13 week MA has crossed over the 34 week MA.
Couple of things could happen here. We could back and fill and retest the new upward trendline around 19 or the MA's or we could take out the Aug high along with the recent high at 23 which would be very bullish.
Things could get very interesting here for the patient among us.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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