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!
Greg Schnell, CMT