Re: Natgas breaking out? Looking good.... *PIC*
...so far with today's action showing a break above the 1-year downtrendline (not drawn) going back to last January's peak of $6.08.
Still early in the ballgame for this one, but a number of technical hurdles have already been cleared since the chart exhibited multiple bullish divergences (RSI, MACD, and Stochs) in the August-October period.
Price is now above all 3 MA's, the 50dma has crossed above the 100, and it's fast approaching the 200dma. The 50dma is also rising while the other two have stopped declining. MACD has flashed a bullish cross in positive territory over the last few sessions, while both RSI and stochs continue to trend higher. The chart is also showing an emerging series of higher lows and highs sinse the $3.47 low of October. Need to see solid closes above the December high (just missed today) to keep that intact. Assuming that happens soon (this week perhaps?) the resistance in the $5 area becomes the next logical target.
Time to pay close attention to see if this market is finally turning around..