Natural Gas Breaks Out to the Upside

Amidst the Chaos of the Financial and Commodity Markets, Natural Gas continues to climb off of last week's secondary spike low at 3.485 in the aftermath of a greater than expected inventory build.

Let's notice that today's action has hurdled key near-term resistance at 3.653, which also triggers new upside projections of 3.80 and 3.90 off of the late-Sep-early Oct base-like bottom pattern.

That said, however, the next immediate test for the in-progress advance is 3.72, which if taken out on the upside, should trigger upside continuation.

Increasingly, United States Natural Gas (UNG) recent action off of the Sept 26 low does look and feel like the ignition of a new upleg that extends the larger advance off of the Aug low at 3.129.