Nat Gas Longs 2 Easy

Tech Charts and Potential Market Reversals???

With the equity market combating the selling across most of the complex thus far this week, we couldn’t help but notice the Energy sector in particular RBOB has also seen some pretty broad based sell side action. We noted the importance of that 3.63 area on the longer term time frames and how that may be ushering in a longer term top formation, well here is how that turned out:

Well the complex has seen multiple attempts to prop it up, promptly sold into. Yes we know the FED is serious about combating prices and thus this most likely added pressure. We felt that we had to highlight the 2.40 area as a possible target and battle for the longer term formation and we are getting close, so we just wanted to point this out.