Natural Gas Stocks Very Oversoldfrom ChartWorks:: published by Institutional Advisors
Oversold readings in Encana are at levels only seen seven times since 1996.
We continue to monitor natural gas prices for a seasonal low. These generally occur in one of three time windows; the first two weeks of January, the third week of February or the second week of March. A return in the Commodity Channel Index, CCI(20) to above -100 has been a reliable means of determining that the low is place and a seasonal rally is likely.
When accomplished, this will be advised. In the meantime, the stocks will likely lead the rally in natgas as well as in crude oil.
Once in place, the lows must hold in order to maintain a bullish bias.
February 15th, 2006
CHARTWORKS WEBSITE:: www.institutionaladvisors.com
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