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Has Nat Gas Entered a New Recovery Upleg?
Natural Gas has exploded to the upside today in reaction to a much less than expected build in inventories during the past week, which has goosed prices above key, near-term resistance at 2.82 into what my pattern work argues is a new upleg in the aftermath of the July correction from 3.00 to 2.62.
If reasonably accurate, then today's lift-off into a new upleg projects next to a target zone in the vicinity of 3.20, and thereafter, perhaps in reaction to sustained extremely-high summer temperatures, to 3.40-3.50.
Only a sudden downside reversal and breach of 2.75 will neutralize today's upside breakout.
