FX.co ★ NATURAL GAS (#NG) Buy Long Above 3.040 December/21/ 2011 (Weekly Strategy)

NATURAL GAS

Natural gas futures is trading at $ 3,107 per million British thermal units during the American session, trading at a very small range, we have a very strong support. 3.040( weekly support), we believe the pair may reach this level and then take upward force.

If you notice on the chart, natural gas has left a gap in its opening last week of December 12. is likely to have to close that gap before continuing its downward trend. Our goal for this exercise we will place short-term resistance in the second round of 3,383 weekly.

On the other hand, the Momentum indicator and range are showing oversold, signaling a possible rebound.