Each Week Longleaftrading.com will be providing us a chart of the week as analyzed by a member of their team. We hope that you enjoy and learn from this new feature.
This week's focus turns to the March Natural Gas futures, where strong price action stemming from bullish fundamental data gives way to a possible buying continuation. Total Natural Gas storage stands at 1.686 bcf, or 27% below the 5-year average. This draw in supply has been aided by recent extreme cold temperatures across the United States.
After posting a recent swing low of 4.563 last week on Monday, February 10, 2014, the market has experienced a sharp climb in prices. Last week, we also saw the 20 day moving average act as support for the bullish market on multiple occasions, making this indicator a key support level in a swing trade opportunity.
As we start this week, we have seen yet another push up to the 5.400 level, indicating the Natural Gas market still holds a bullish sentiment. Continue reading "Chart of The Week - Natural Gas"
