Natural Gas (Jan 12 - NYMEX) ST: the RSI is oversold
Our pivot point stands at 3.28.
Our preference: the downside prevails as long as 3.28 is resistance.
Alternative scenario: above 3.28, look for 3.49 and 3.62.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. The price stands below its 20 and 50 day MA (standing respectively at 3.31 and 3.48). Natural Gas (Jan 12 - NYMEX) is currently trading near its 52 week low at 3.05 reached on 19/12/11.
Supports and resistances:
3.49 *
3.28 **
3.19
3.09 last
2.82
2.69 **
2.57 *
Our pivot point stands at 3.28.
Our preference: the downside prevails as long as 3.28 is resistance.
Alternative scenario: above 3.28, look for 3.49 and 3.62.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. The price stands below its 20 and 50 day MA (standing respectively at 3.31 and 3.48). Natural Gas (Jan 12 - NYMEX) is currently trading near its 52 week low at 3.05 reached on 19/12/11.
Supports and resistances:
3.49 *
3.28 **
3.19
3.09 last
2.82
2.69 **
2.57 *
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