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Natural Gas has been moving strongly higher of late, breaking above falling channel resistance line (1) for the first time in years. Now NG faces last Novembers highs, which stopped on dime at the 50% Fibonacci level.
Joe Friday says….If NG can hurdles above the 50% line, it will free it up to move a good deal higher….follow a breakout!
Speaking of Joe, might want to take another look at JO. Resistance in the 2009-2010 time frame may now be support along with other more recent support lines.