Up in Canada the onset of October starts to bring some cooler nights and the fireplaces get lit. The furnaces have been kicking in with the alarm clocks to take the chill out of the morning air. I was in Canmore yesterday to see the colour change with the Larch trees lit up in bright Yellow. Shorter days and the onset of cooler nights kindles the change.
While perusing the charts today, I found a nice little kindling fire in the chart in $NATGAS.
We have some friction $0.50 higher than here at the $3.75 level. This is also the price level that most companies would start opening the gas they left stranded behind closed production facilities when the price dropped to unprofitable. So, that could take some time to push through.
Looks like a 15% upside from here if it can get above $3.28.
The volume is weak because we are only on Wednesday on a weekly chart. We'll check out how it finishes at weeks end.
Heads Up to a low fee ($50!) Seminar coming to Seattle. Some great Top Technicians!
Seattle Regional Seminar
"Navigating through another lost decade?
Sector Rotations, Asset Selection, Business and Market Cycles"
The Puget Sound (Seattle) Chapter of the MTA would like to invite you to our regional seminar at the Hotel Monaco on October 19th, 2012. We are honored to host five dynamic guest speakers, who will bring a powerful understanding of technical analysis as they translate from theory into practice.
The seminar is open to both members and non-members of the MTA, so please invite your colleagues, clients and friends. Registration includes the full day seminar, catered breakfast, lunch and networking reception.
DATE: Friday, October 19, 2012 TIME: 8:30 AM - 3:30 PM
Non-members may call to register at 646.652.3300.
Good Trading,
Greg Schnell, CMT
