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From : Commodities Daily Hotline: 30 September 2014
Chart of the day: Natural Gas basing?

 

The Natural Gas instrument has recorded a 3.1% gain for Monday's trading.  Also, the move through 4.1 has produced a bullish P&F Breakout signal on the automated scanner.  This one-year Bar chart displays the price ranging between 4.2-3.8, approx., since late-July, after the prior decline from this year's earlier large top became oversold (see low level of the RSI back then).  At the moment, the highs of the short-term range are under pressure.  Note that the 200-day moving average is close by and may depress sentiment too.

In the event of a breakout, however, a small base will be in place.  This could spur further gains towards that hefty top that starts around 4.3.

 






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