Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Can Natural Gas Start a New Trend?

By

A second consecutive higher close for natural gas would confirm a rally leg underway.

PrintPRINT
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: The natural gas rally effort started the week with a determined attitude. A second consecutive higher close Tuesday is all but mandatory to the effort, and to avoid resuming the decline.

Dollar Basket
Sep Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Monday's narrowly ranging inside day serves the same purpose as Wednesday's similar setup, which is to attract the next trending attempt back to and through it in the opposite direction. Probing a fresh low and reacting up would essentially signal a new upleg underway.

Eurodollar
Sep Contract EC; (NYSEARCA:FXE)
Monday's narrowly ranging inside day serves the same purpose as Wednesday's similar setup, which is to attract the next trending attempt back to and through it in the opposite direction. Probing a fresh high and reacting down would essentially signal a new downleg underway.

Gold
Oct Contract GC; (NYSEARCA:GLD)
Probing a fresh high overnight up to 1382.40 was unable to extend beyond the leg's 1375.00 target, as the balance of the session probed back under it down to 1362.20.

Silver
Sep Contract SI; (NYSEARCA:SLV)
Monday's narrow ranging continued consolidating the recent surge, with room for extending further intraday just slightly higher at 24.00.

30-year Treasury
Sep Contract US; (NYSEARCA:TLT)
Another fresh low Monday at 130-05 suggests that the decline's 131-06 target is extending, next targeting 129-10 or 128-14.

Crude Oil
Sep Contract CL; (NYSEARCA:USO)
[Rolling coverage forward from Sep to Oct, trading at a $.25 discount]
Already having tested 106.25 support, the rally could not afford another entire day's delay to resuming. But 106.25 was tested anyway throughout the day, which all but requires Tuesday's open to be in rally mode if its 110.50 target remained intact.

Natural Gas
Sep Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's gap up didn't extend higher intraday past 3.50, but did maintain its recovery above prior highs to give last week's 3.36 buy signal another chance at launching a new rally leg. At least 3.57 is currently targeted, with potential to 3.70.

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.
< Previous
  • 1
Next >
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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE