Bullish Engulfing In NATGAS Hints a Possible Reversal

Natural gas jumped nicely after hitting areas of 258. Areas of 257 were strong resistance during the month of September 2013 that is now serving as good support. Today’s trading range is covering yesterday’s range on daily chart that qualifies as a valid bullish engulfing reversal pattern. If today commodity closes above 265 zones then it will attract more bulls and a rebound can’t be ruled out in coming days. Stochastic is now producing oversold reading and preventing fresh bears to jump in.

Recommendation: Buying natural gas around 265-263 with stop loss below 259 for targeting 271-276-280 and more upside might be appropriate in short term.

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