25 Feb 2015
Natural Gas continues to exhibit signs of a meaningful bottom – MPTrader
FXStreet (Barcelona) - Mike Paulenoff of MPTrader, gives the technical outlook for Natural Gas, viewing that the recent price action signifies that a rounded bottom formation is taking shape.
Key Quotes
“Let's notice that the pullback in Natural Gas from yesterday's recovery-rally peak at 3.39-- the high of the rally from the Feb 6 low at 2.57-- held key support along the Feb support line, at 2.815, from where it has pivoted to 2.920.”
“As long as the 2.80 area remains strong support, all of the action since mid-January increasingly is taking the shape of a rounded bottom in the aftermath of a year-long decline from 6.50.”
“A climb above 3.09 is needed to trigger initial confirmation that the Jan-Feb portion of the base is complete, while a climb above 3.35 is needed to confirm that the larger Dec-Feb portion of the base also is complete.”
Key Quotes
“Let's notice that the pullback in Natural Gas from yesterday's recovery-rally peak at 3.39-- the high of the rally from the Feb 6 low at 2.57-- held key support along the Feb support line, at 2.815, from where it has pivoted to 2.920.”
“As long as the 2.80 area remains strong support, all of the action since mid-January increasingly is taking the shape of a rounded bottom in the aftermath of a year-long decline from 6.50.”
“A climb above 3.09 is needed to trigger initial confirmation that the Jan-Feb portion of the base is complete, while a climb above 3.35 is needed to confirm that the larger Dec-Feb portion of the base also is complete.”