Natural Gas Forecast August 13, 2012, Technical Analysis
Add a comment
Technical Reports
To learn more click here
The natural gas markets fell apart on Friday as we had suspected was going to be the case. The nasty shooting star that formed on Thursday suggested that the buyers were exiting the market en masse, and Friday simply confirm that. The $2.80 support level gave way as the selling pressure was relentless. Of particular note, the shooting star that was formed on Thursday had the highest volume day in months. This suggests to us that the move was real, and we are going to begin drifting lower again.
The $2.70 level is crucial. If there is any hope at all for the buyers in this market this level must hold. If it does not, we see a move down to $2.25 without much trouble. In fact, this is essentially what we expect to happen, and are willing to hold onto short positions until we had at least $2.00 as we think that handle will attract support again. As for buying, we simply will not do it.
Natural Gas Forecast August 13, 2012, Technical Analysis
Gold Forecast May 27, 2013, Technical Analysis
AUD/USD Forecast May 27, 2013, Technical Analysis
EUR/USD Forecast May 27, 2013, Technical Analysis
Friendly Durable Goods Report Reverses EUR/USD to Down
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.
View all of FX Empire Analyst - Christopher Lewis's Articles
