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Will Natural Gas Test The 2.90 Level ?


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Natural Gas Futures--- Natural gas futures in the January contract are trading lower by 5 points at 3.00 continuing its bearish momentum as I am not currently involved in this market, but I'm looking at entering into a bullish position once the chart structure improves as the risk/reward are not in your favor at the present time.

I did not believe the recent rally from the contract low around 2.90 which was hit on November 24th & then traded as high as 3.22 three days later on massive short covering as now prices have come down retesting major support as we are going to be 65 in the state of Illinois right near another record temperature as we are in the 1st week of December which is remarkable.

The colder temperatures will start to arrive later this week as that should lend some support to natural gas but I do think there's a possibility that we will retest the 2.90 level possibly creating a double bottom on the daily chart as prices are still trading under their 20 and 100 day moving average as the trend still is to the downside.

Volatility in natural gas certainly has increased tremendously over the last week as this is going to be the norm going forward as it should even get more volatile in the months of January and February so let's be patient as I will only be looking at a bullish position as I will not go short this market as I think prices are limited to the downside.

TREND: LOWER

CHART STRUCTURE: POOR

VOLATILITY---HIGH

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

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About the author


Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
 
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
 
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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