natural gas markets gap higher

Natural gas markets gapped higher to kick off the week, slicing through the $3.50 level in early trading. This is an extraordinarily bullish sign, but at this point I think if you are patient enough there is an even better opportunity awaiting you.

Natural gas markets gapped higher to kick off the week, breaking above the $3.50 level in early trading. At this point, I think there is plenty of resistance above, and I am simply waiting for some type of exhaustive candle in order to start shorting again. I believe the $3.75 level above is also resistance, and most certainly the $4.00 level will be as it is a large, round, psychologically significant figure. Overall, I believe that the natural gas markets will continue to rollover, as we head towards Spring contracts in the **res markets.

However, we have a short-term cold snap in the United States that should continue to put a little bit of bullish pressure on the natural gas markets, as they tend to focus on the next couple of days, not months like I will. I think sooner or later you will get an exhaustive candle that you can start selling. Quite frankly, at this point I would love to see this market shoe even higher so that I can sell from a higher level when I get involved. Initially, I was waiting to see if the market would fill the gap but instead it turned right back around and gapped above it. Interestingly enough, that means the gap now needs to be filled twice, a lease based upon the trading. I believe that we will eventually get that exhaustion that I’m looking for, and it should offer an excellent opportunity. I do not think you should jump in right away though, wait for some type of exhaustive daily close.

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