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Natural Gas Continues to React Positively to Frigid Temps Across the U.S.


 

Below is what we discussed yesterday afternoon:

Natural Gas has rocketed to a new rally high off of last Friday's pivot low at 3.931, and is poised for upside continuation to test the Nov high at 4.544, which if hurdled, should trigger a run at 5.00.

Only a plunge beneath 4.15 will wreck the very powerful near-term set-up. MJP 11/19/14

Natural Gas looks like it completed a pullback from yesterday's high at 4.347 into this morning's low at 4.149, after which it rocketed right back towards yesterday's high.

My pattern and momentum work indicate that Natural Gas appears to be on the verge of a sharp upside acceleration to test last week's high at 4.544 on the way to 4.85-4.95 soon thereafter.

Only a sudden decline that breaks today's low will compromise the strengthening technical set-up. MJP 11/18/14

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