National Fuel Gas Needs a Spark

National Fuel Gas (NFG) is set up well for an upside breakout. The natural gas utility is taking out a heavy overhead trendline that had linked the stock's May and June highs. NFG will likely need a volume jolt soon, but the early price action this week is very bullish. Once the stock is past the June peak of $62.25, I expect NFG to make a run a new 52-week high.

NFG is lifting off a major support zone it had reached in late June. The $57.00 area is the home of the 2012 highs and had previously held the April lows. The rally following the April 17 bottom carried NFG to new 2013 highs. The pullback that followed the peak in May was a much deeper version. The stock was driven to an oversold reading while retracing 50% of the powerful bull move off the January lows. This action has given NFG a solid foundation for a new rally leg....133 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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