Monday, September 24, 2007
No hurricane, but technically bullish
Here is a chart of NOV07 natural gas which became the front month K today. There seems to be a potential inverse head and shoulders formation, indicating a bottoming. Moreover, relative strength has been increasing steadily while natural gas made multi-year lows. A rough hurricane season and colder than expected winter can also facilitate a move through $8 to test the $9 level.
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