The Canadian Technician

Turn up the flames! No, not the $NHL! How about $NATGAS?

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

Up in Canada the onset of October starts to bring some cooler nights and the fireplaces get lit. The furnaces have been kicking in with the alarm clocks to take the chill out of the morning air. I was in Canmore yesterday to see the colour change with the Larch trees lit up in bright Yellow. Shorter days and the onset of cooler nights kindles the change.

While perusing the charts today, I found a nice little kindling fire in the chart in $NATGAS.

$NATGAS 20120926


Bouncing off the 40 week support, rising above the 10 week, and looking to break out. Nice place! Check out the MACD. Trying to turn up above the zero line. Finally!

We have some friction $0.50 higher than here at the $3.75 level. This is also the price level that most companies would start opening the gas they left stranded behind closed production facilities when the price dropped to unprofitable. So, that could take some time to push through. 

Looks like a 15% upside from here if it can get above $3.28.

The volume is weak because we are only on Wednesday on a weekly chart. We'll check out how it finishes at weeks end.

 

Heads Up to a low fee ($50!) Seminar coming to Seattle. Some great Top Technicians!

Seattle Regional Seminar

"Navigating through another lost decade?

Sector Rotations, Asset Selection, Business and Market Cycles"

The Puget Sound (Seattle) Chapter of the MTA would like to invite you to our regional seminar at the Hotel Monaco on October 19th, 2012. We are honored to host five dynamic guest speakers, who will bring a powerful understanding of technical analysis as they translate from theory into practice.

The seminar is open to both members and non-members of the MTA, so please invite your colleagues, clients and friends. Registration includes the full day seminar, catered breakfast, lunch and networking reception. 

DATE: Friday, October 19, 2012                                TIME: 8:30 AM - 3:30 PM

Non-members may call to register at 646.652.3300. 

Good Trading,

Greg Schnell, CMT

 

Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More