Thursday, July 31, 2003 10:53:10 AM
Natural Gas is at an interesting juncture. First off, the sector has been in a steady decline since early June. We are still in a uptrend, mind you, and I base this off a rising 200-period moving average. Short term, we are VERY oversold and the index is now sitting at its 100-period moving average (183ish). What really jumps out at me is the weekly chart. The sector as a whole is sitting right at its 200-period moving average.
A weekly 200-period is normally a pretty strong level for either support / resistance. Short-term oversold into support might be a good place to look at for adding some longs. I would like to see the sector turn a tad and regain some upward momentum, and if it does...we might have a solid short-term trade.
Larry Connors and Paul Taglia
A weekly 200-period is normally a pretty strong level for either support / resistance. Short-term oversold into support might be a good place to look at for adding some longs. I would like to see the sector turn a tad and regain some upward momentum, and if it does...we might have a solid short-term trade.
Larry Connors and Paul Taglia
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
