Natural Gas Technical Analysis for the Week of May 2, 2011

The natural gas markets have smashed through the $4.50 mark, showing a higher high. This followed a higher low a couple of weeks ago, which suggests we may be looking at a trend change finally. This market has been beat up for a few years now, and looks to bounce hard. Due to the rising prices of oil, natural gas is a perfectly acceptable alternative in power generation. The chart shows that the $4.80 level is the next one to be tested. Because of the action over the last few days, we cannot recommend selling this market at all. A break of $4.80 sends this market much, much higher.

(Source: http://www.commoditiesmansion.com/commodities-analysis-video/natural-gas-technical-analysis-for-the-week-of-may-2-2011/)