Natural Gas Forecast August 23, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The natural gas markets initially fell during the Wednesday session, but bounce in order to form a bit of a hammer. The $2.70 level below is the support that we are trying to break through at this moment in time, but this hammer formed on Wednesday has somewhat concerned as to the ability of this market to break below there in the short term. Is because of this that we close our short positions today.

Obviously, if we get a daily close below the $2.70 level we are more than willing to start selling. We are also more than willing to start selling again if we get some type of failed rally. We will not buy this market until we get well above the highs that we said just a few weeks ago. In the meantime, we will be very flat of this market and on the sidelines.

Natural Gas Forecast August 23, 2012, Technical Analysis

Natural Gas Forecast August 23, 2012, Technical Analysis

 

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