Natural Gas Forecast August 24, 2012, Technical Analysis
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The natural gas markets fell during much of the session on Thursday, but bounced again off of the $2.70 level in order to confirm the massive support that we are starting to see build up at that point. Looking at this chart though, buying natural gas simply doesn’t seem like a wise thing to do, and now that we have formed a hammer for the Thursday session it looks more and more likely that a break below the $2.70 level will be truly significant.
On that breakdown, we are more than willing to start selling this again. However, there is also the possibility that we get a bit of a bounce and weakness afterwards. With that in mind, we are more than willing to sell rallies that show signs of weakness. As for buying natural gas, we are fairly adamant that it won’t happen until we clear the $3.30 level.
Natural Gas Forecast August 24, 2012, Technical Analysis
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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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