Natural Gas Futures--- Natural gas futures in the October contract are trading higher for the 3rd consecutive session up another 7 points at 3.07 stuck in a 14 week consolidation looking to breakout above the June 29th high of 3.14 as then I will be recommending a bullish position as we could be involved possibly in tomorrows trade to the upside.
Gas prices are trading above their 20 had 100 day moving average telling you that the trend is higher as the longer the consolidation the stronger the breakout as I will play this to the upside as major support has been tested on multiple occasions between 2.80/2.90 as the energy sector has definitely broken out and I still think the commodity markets will start to join the party as prices look very cheap in my opinion.
The chart structure is outstanding at the present time as the risk/reward is in your favor in my opinion so look to play this to the upside as we are starting to enter into the extremely volatile autumn and winter months for natural gas as a breakout is looming in my opinion.TREND: HIGHER----CHART STRUCTURE: --EXCELLENT
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