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Redux in Natural Gas Inventory Propels Prices
Today's larger than expected draw-down in United States Natural Gas (UNG) inventories spiked the price structure above a near 3-year resistance line, now at 3.851.
The ability of natural gas to sustain and to close above the trendline should be viewed as a potentially significant technical "event," that projects considerably higher prices in the days and weeks ahead.
From the enclosed big picture perspective, my next optimal target zone is 4.100-4.150. Only a decline back beneath 3.850 will compromise and delay my current constructive outlook.
