Natural Gas to climb as high as 6.10 on a break above 5.39 – SocGen

Natural Gas has recently tested an ascending support line at 4.72 resulting in a bounce. Strategists at Société Générale notes that a break above 5.39 would clear the way for a potential rise to the 6.10 level.

4.65/4.60 to be an important support zone near-term

“Daily RSI has so far defended the lower band of its bullish territory which denotes a large downside is not envisaged; projections of 4.65/4.60 should be an important support zone near-term.”

“A break above 5.39, the 38.2% retracement of the pullback would denote an extended rebound towards 5.87 and even towards the upper band of a multi-month channel at 6.10.”