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 - EconoTimes)
Natural gas has broken a level and we expect lots of winds are still to come. The Winter hasn’t started yet (the rally could be very rewarding if winter supports) and we are seeing very nice bottoming and more importantly the ride on the upside from the bottom has been very disciplined.
Apart from the above technical citing, we cited fundamental force too. They are in favor of the upside too. The pace of gas injection into the underground storage has been very low. Demand is increasing for natural gas as a fuel for electricity. We also cited longer term fundamentals (increasing prominence of natural gas in the global energy consumption space) and most importantly, we suggested buying the gas and our followers are in for a ride.
Check article: “FxWirePro: Buy natural gas at dips; target $4.3 per MMBtu” at http://www.econotimes.com/
Our first target remains reached at $3.1 and the key resistance surrounding it remains cleared. So we turn our focus towards the next target at $4.3 per MMBtu. The target has already been extended towards $5.5 per MMBtu.
Check article: “FxWirePro: Two new targets for our buy call in Natural gas” at http://www.econotimes.com/
The purpose of the review is to remind our traders that an interim call has been added in that article above; $3.7 per MMBtu and, be aware of the following fundamental.
It is also important to not to forget that despite weaker injection, thanks to previous two weaker winters and record productivity the inventory is at quite a high level. Underground storage stands at 3.76 trillion cubic feet.
We would soon be reviewing our fundamental outlook.
