Natural Gas Futures---Natural gas futures in the February contract are trading sharply higher for the 4th consecutive session up another 9 points at 3.04 right near a 4 week high as record cold temperatures throughout much of the United States pushed prices sharply higher in recent days.
If you have been following any of my previous blogs you understand that I thought we could go to the 2.60 level and that did occur, but I did not execute the trade, however I did have several clients who did that trade as I'm happy for them while I'm kicking myself at the current time as prices just were too cheap entering into the very volatile winter season.
I will look for some type of price retracement as warmer weather is supposed to come back later next week, but I do believe the long term bottom is in place and that we have now established a bullish trend.
The chart structure at the current time is very poor because of the sharp run-up in prices and that's what happens in the months of January & February like I have written about in many previous blogs as volatility will even get higher in the weeks to come as we are now trading above the 20 but slightly below the 100 day moving average which stands at 3.14 & if you are long continue to stay long as I still think higher prices ahead.
CHART STRUCTURE: POOR
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