Nat Gas did break higher as predicted, through 3.529/539 resistance as we bought back in to longs looking for the next target of 3.596 for profit taking. We have now hit the target this morning and exited longs.
This is tough resistance and we can sell in to shorts from here up to 3.613 using a stop loss above 3.626. There is a good chance of a top here but if we break higher we will be buying back in to longs, looking for the next target of 3.684 to take profit on some longs, but there is scope for a move as high as 3.744. We exit all remaining longs here and sell in to shorts with a stop above 3.770.
Read More on International Business Times
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.