Friday, June 10, 2011

Natural Gas (NG) Holds trendline support 6/10

Natural Gas daily chart to our left here, and after we broke the trend line in green shown last week, it looks like yesterday's mini flash crash punctured through it and tested the 50% retrace of its most recent up move shown in purple. Holding that level and then closing pretty much on the green trend line, we now head up and look to easily close well above the trendline. I think we have the makings of a breakout of this channel for natural gas and I could see this continuing up for a while.

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