CME Group/Chicago HQ
Local: +1 312 930 1000
Toll Free: +1 866 716 7274
Global Customer Contacts
Product inquiries, website issues,
and specific questions
Phone: +1 312 930 2316
Toll Free: +1 800 331 3332
More CME Group Direct Lines
Phone list by department
The outlook for March natural gas is still negative even though prices bounced from a $3.125 swing low on Tuesday. The follow-through on Wednesday was lackluster and it looks as though prices will test support at $3.22 early Thursday. A close below $3.22 would then call for another test of support near $3.10 where a potential triple bottom is forming. That said, if prices close over $3.32 look for at least $3.45 to be met.
The $3.22 target is the 50% retracement from $3.125 to $3.313. Below this there is support at $3.17, but the key target is $3.10 as discussed above.
NGH13 Retracements to $3.313
The 38% retracement from $3.646 to $3.125 is $3.32. This is also a key swing high on the intraday charts. A close over $3.32 is not expected tomorrow, but would open the way for an extended correction to $3.45.
NGH13 Retracements to $3.125
Tuesday’s move up completed a bullish morning star, but the pattern failed to be confirmed with a close over $3.297 on Wednesday. A move back below Tuesday’s $3.22 midpoint will negate the pattern and call for the move down to continue.
NGH13 Daily Candlesticks
Review of Momentum Status
The most recent momentum signal was a bullish divergence on the three-cent Kase Bar chart. The move up stalled on Wednesday and may already be complete.
NGH13 Intraday Momentum
Kase Comments has been provided to you by Kase and Company, Inc. CTA. Written by Dean Rogers AP and edited by Cynthia Kase, CMT, MFTA. See www.kaseco.com or contact Dean Rogers at 505-237-1600 for further information or a free trial of Kase’s weekly technical forecast.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of Kase and Company, Inc. Kase and Company, Inc. work products including, but not limited to, reports, comments, forecasts, analysis, and screenshots whether oral or written are “publications” and are not to be construed in any way as “consulting”. Screenshots created with TradeStation. ©TradeStation Technologies, Inc. All rights reserved.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.