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Strategies & Market Trends : Natural Resource Stocks -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (5430)	12/22/2003 3:20:10 PM
From: yard_man	Respond to of 108779

>>February Henry Hub natural gas gapped below initial support marked by the 10-day moving average in overnight trading and is sharply lower due to profit taking. Closes below last Wednesday's low at 6.626 would confirm that a top has been posted while opening the door for a larger- degree setback into the first of January. It would take closes above weekly resistance marked by the 38% retracement level of this year's decline on the weekly chart crossing at 7.258 and more importantly the early-December high crossing at 7.55 to keep this month's rally alive. Stochastics and the RSI are overbought and are turning bearish signaling that a top is in or is near. Overnight action sets the stage for a weaker tone in early-day session trading. <<