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Is Natural Gas Ready to Make a Run?

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Natural gas is creeping higher into what soon should be an obvious rally.

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The following are the latest daily summaries of my ongoing intraday coverage, providing context to interpret price action. Any prices listed are for a contract's current "front month." Their direction tends to correlate with any ETFs listed for each.

Today's Highlight: Natural gas is creeping higher into what soon should be an obvious rally, if there is any further improvement ahead, at all. Meanwhile, crude oil has a chance to extend its own rally.

Dollar Basket
Mar Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Wednesday's fresh high extended the corrective bounce, but essentially only ranged around the bounce's 79.85 target that was already met Tuesday.

Eurodollar
Mar Contract EC; (NYSEARCA:FXE)
Tuesday's bounce did not extend Wednesday. Rather it was retraced to Tuesday's intraday low. The bounce must resume without delay to avoid extending the pullback under Monday's lows.

Gold
Apr Contract GC; (NYSEARCA:GLD)
Tuesday's close while still testing 1675.00 left Wednesday's session vulnerable to beginning a trend, but not yet signaling it. The intraday range testing either end of 1670.00-1680.00 did not signal a resolution, either.

Silver
Mar Contract SI; (NYSEARCA:SLV)
Wednesday's narrow range offered no new information.

30-year Treasury
Mar Contract US; (NYSEARCA:TLT)
Tuesday's return to the 142-21 prior lows all but required breaking lower, presumably targeting 141-26. Wednesday's bounce to 143-18 tried to forestall that downleg, but was still testing its resistance at the close.

Crude Oil
Mar Contract CL; (NYSEARCA:USO)
Not rallying immediately Wednesday above 97.00 made the pullback likely to extend. Despite the open gapping down to fresh lows attacking 95.00, an immediate rally recovered to 97.00. Closing above 97.00 would have been bullish. Extending higher immediately Thursday would get a benefit of the doubt again, but there otherwise remains potential for extending the pullback.

Natural Gas
Mar Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Tuesday's late probe above the 3.36 buy signal extended immediately Wednesday to attack 3.47. Extending higher to also recover 3.53 would confirm a new rally leg underway.

Editor's note: Rod's analytical techniques are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He applies his techniques live intraday, primarily to S&P futures, at RodDavid .com.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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