Natural Gas to advance towards the 6.11/18 zone on a move beyond 5.65 – SocGen

Natural Gas has experienced a brief pause within its relentless up move after facing interim resistance at 5.65 earlier this week. Above this level, next targets are located at 5.91 and 6.11/6.18, strategists at Société Générale report.

Extended pullback on a break below 5.06

“Daily MACD histogram is at a record high which denotes the move is a bit stretched and phase of consolidation can’t be ruled out.”

“First layer of support is at the daily Tenkan line near 5.06. Only a break below this will indicate an extended pullback.” 

“Beyond 5.65, next projections are located at 5.91 and 6.11/6.18.”