Is Natural Gas Prepared to Rally?....Here's Friday's Numbers and Analysis

Natural gas was slightly lower overnight as it extends this week's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 4.597 would confirm that a short term top has been posted. If September renews the rally off July's low, June's high crossing at 5.282 is the next upside target.

First resistance is Monday's high crossing at 5.007
Second resistance is June's high crossing at 5.282

Natural gas pivot point for Friday morning is 4.660

First support is the 20 day moving average crossing at 4.597
Second support is Thursday's low crossing at 4.556

Smart Scan Chart Analysis for natural gas etf "UNG" indicates a counter trend rally is underway The current up trend could be changing and moving into a trading range Sidelines Mode.
Based on a pre-defined weighted trend formula for chart analysis, UNG scored +55 on a scale from -100 (strong downtrend) to +100 (strong uptrend):

+10.....Last Hour Close Above 5 Hour Moving Average
-15.....New 3 Day Low on Thursday
+20.....Last Price Above 20 Day Moving Average
+25.....New 3 Week High, Week Ending July 31st
-30.....New 3 Month Low in May
+55.....Total Score

Just click here for your FREE trend analysis of natural gas ETF UNG

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