Followers | 680 |
Posts | 141092 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Thursday, March 09, 2017 3:16:34 PM
By MPtrader
* March 9, 2017
In reaction to its bigger-than-expected draw-down in weekly inventories (-68 bcf v. -63 bcf), Natural Gas has popped to a new recovery rally high at 2.98, last seen about one month ago on the way down from the Dec high at 3.99 to the Feb 22 low at 2.52.
The Feb-Mar recovery rally is approaching its most powerful resistance zone, between 2.98 and 3.10.
The ability or not, of Natural Gas to claw its way above 2.98-3.10 will tell us if a new bull leg is in progress after the devastating 40%, two-month period of relentless weakness.
From an extreme near-term perspective, a close above 3.00 will be a very positive development, and will position NG once again above its major support line off of the 1.61 low on Mar 4 (which was violated during the Feb weakness). Last is 2.977.
https://www.mptrader.com/middayminute/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM