The Canadian Technician

$NATGAS needs snow in Chicago

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

$NATGAS

$NATGAS 20121023

Just an update on $NATGAS.

I've posted this chart many times, recently saying that $3.75 would be resistance. Well, we've spent 3 weeks trying to get through the level. 

We got a foot of snow in Calgary and it sure feels like winter. Now we need Chicago and NYC to see some white stuff to help surge this above the resistance line. We are substantially above the 40 week MA so a reversion to the mean is probably imminent. THe nice feature is that the 40 WMA has a positive slope finally.

I'll be turning on the fireplace log lighter tonight to help this chart break through the resistance! Popcorn and a movie, a fireplace and a furnace all kicking into high gear!

Good Trading,

Greg Schnell, CMT

Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More