It’s been a while since we last updated natural gas [see: Mar 28 Update.]. At the time, NG had bounced up to 1.852 after recently testing the 1999 lows. I wrote that, despite strong selling pressure and upcoming seasonal influences…
…there’s strong support for NG, and TPTB might well have made up their minds that it WILL NOT GO any lower.
I placed an upside target at 2.058 — the top of the falling gray channel NG had been in since 2014 — and we waited to see if it would break out or break down. We didn’t have long to wait.
The following day, NG gapped up above a key channel midline. Six days later, it tagged the red target (2.074), consolidated for two weeks, then broke out of the falling channel for good.
Just this month, it reached 3.777 — more than doubling its Mar 28 price in little more than 8 months. So, it’s an excellent time to update the charts. Is NG running out of juice, or is there more left in the tank?
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