Stocks appear to be rolling over into an intermediate cycle decline.
Gold and the Miners are resisting the bullish dollar advance and appear to have bottomed.
So this morning I want to take a look at NATGAS.
While NATGAS continues to close above the upper weekly cycle band signaling that NATGAS is continuing in its weekly uptrend we can see that NATGAS is running into resistance at the 200 week MA.
The 200 week MA is has demonstrated to be a major support/resistance area where rarely does price break through on the first try. As NATGAS emerged from the last 3 year cycle low the 200 week MA managed to cause a decline into an intermediate cycle low.
NATGAS formed a daily swing high on Wednesday. NATGAS maybe consolidating to allow the 10 day MA to catch up to price. But what is developing on the weekly chart suggest a left translated cycle formation is a possibility. A close below the upper daily cycle band will signal a left translated daily cycle formation that could lead into an intermediate cycle decline.