Tuesday, July 13, 2010

Jesse Livermore/Natural Gas Update- 07.13.2010

And the Magic number is? $4.35. If we see a clean break below this level I expect NG to test the next levels of support at $4.15. Volume confirmation is key. Prices have traded in a narrow range the past four days due to "forecasts of moderate temperatures in the U.S. Midwest and Northeast later this month," according to

On a positive note, the 50 day SMA looks to be converging with the 100 day SMA. Couple this with strong Supply and Demand Data and we should see a clean retest of $4.50. I will be looking for a decrease in supplies, in-ine or below estimates. Until then I will sit, wait, and hope I do not get stopped out.

"There is only one way to achieve success in speculation--through hard work, persistently hard work. If there is any easy money lying around, no one is going to try and give it to me, this I know."

--Jesse Livermore, World's Greatest Stock Trader

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