Natural Gas Forecast for October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The $3.40 level has offered support yet again in this market, proving to us that it is significant in its importance. Because of this, we feel is now the "floor" in this particular commodity market, and as such we will continue to buy as long as we are above that level.

Looking ahead, we see the 3.60 level as resistance and must be overcome for the buyers to take control again. Looking at the shape of the Friday candle, we see absolutely no reason why this won't happen and would be more than willing to buy above that handle.

 

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