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Natural Gas (NG) is hesitating going into today's European morning and the highly anticipated weekly storage figure (releasing at 1030am EST). After the 4 weeks of gains off a higher February low versus the December low, NG is vulnerable to profittaking today, particularly as it bumps against upchannel resistance (on the 4hr chart). NG is now also testing the 50% Fib retrace of the fall during the 1st two weeks of February. Nevertheless, any notable pullback following today's storage data will be well supported as the bigger picture is of NG trying to reverse a long term downchannel (on the weekly chart). After a week or so of consolidation in the 2.7-2.8 range, NG will likely resume its rally towards the weekly chart downchannel resistance. The weekly and daily RSI, Stochastics and MACD are bottomish or rallying. I am looking to go long in the green zone (of the daily chart), targeting the red zone for early next week. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).
Natural Gas (NG) Weekly/Daily/4hr
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