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The natural gas markets shot up during the Friday session to break through the $3.50 level. This is a significant development, and has this market going higher as a result. We have now become bullish of this market until we get the $4.00 level, and will be buying supportive candles as we pulled back.
This is something that we have not been able to save for well over a year, as we have only been sellers of this market. With this recent breakout, it should leave very little doubt as to whether or not the support and buying is the real deal in this market. We don't think that the trend has changed forever; rather we are correcting a very massively oversold condition. We figure the $4.50 level will eventually be targeted as well, and this could take most if not all of the winter time to do so.