Natural Gas Up 10 Points On Weather

Natural Gas Futures---Natural gas futures in the February contract are up 10 points at 3.00 looking to retest the January 2nd high of 3.10 as cooler weather is forecast next week supporting prices here in the short term. I have been recommending a bullish position from around the 2.78 level and if you took that trade the stop loss has been raised to 2.61 & in tomorrow's trade will be raised once again to the 2.73 level as the chart structure is improving therefore the monetary risk will also be lowered.

Natural gas prices are trading above their 20 day but still below their 100 day which also stands at critical resistance at the 3.10 level & if that is broken I think we could head possibly back up to the 3.30/3.50 level in the weeks ahead as it is a very long winter with high volatility.

The energy sector as a whole remains very bullish as we are higher across the board once again today, but the natural gas market basically is a weather market as colder temperatures push prices higher and warmer temperatures push prices lower like we experienced in last weeks trade as we are 50 here in Illinois today, however that has already been reflected into the price so stay long & continue to place the proper stop loss as I do think the contract low that was hit on December 21st around the 2.56 level created the bottom.




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