Natural Gas Forecast August 7, 2012, Technical Analysis
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The natural gas markets had a positive session during the Monday trading period, bouncing from the $2.80 level in order to retrace some of the losses suffered over the last three or four trading sessions. However, the market still looks very vulnerable at this point in time, and although a bounce wouldn’t be out of the question at this moment in time, it does look like this market is destined to lower prices.
Certainly, a break below the $2.80 level would be an extremely bearish move, and we see that there is support at $2.70 as well, making us a little bit cautious of selling this market in this general vicinity anyways. A rally would be a welcome situation in which to sell from if we get a weak candle. As for buying, we are quite ready to do that yet as the move down on Thursday was so violent.
Natural Gas Forecast August 7, 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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