Natural Gas Forecast August 10, 2012, Technical Analysis
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When looking at the natural gas chart from the Thursday trading session, one cannot help but notice the massive spike up to the $3.11 level. The second thing that you will notice is the fact that the rally failed miserably. We ended up forming a shooting star, with a wickedly long wick on top of it. This normally will suggest that we are going much lower as it shows a complete failure by the bulls to push the price of the market higher.
It is because of the nature of this candlestick that we are more than willing to sell on a break of the lows for the Thursday range. Yes, we can see that there is a lot of noise below, but it does look like we are definitely going to start pressuring to the downside. A break below $2.70 sends this market much, much lower.
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Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.
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