Natural Gas Forecast October 1, 2012, Technical Analysis

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The natural gas markets fell at one point during the early hours of the session on Friday, but bounced in order to form a hammer that is focused on the 3.30 level. This market looks like it’s trying to break out, and we see quite a bit of resistance at the $3.40 area, but the fact that we formed this hammer does suggest that more buyers are stepping in.

Because of this, we are watching this market for a daily close above the $3.40 level as a potential long-term buy-and-hold type of signal. If we get some type of resistant candle at that level, we are willing to sell as well. However, it does look like a market wants to go higher.

 

Natural Gas Forecast October 1, 2012, Technical Analysis

Natural Gas Forecast October 1, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

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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