Natural Gas Forecast October 15, 2012, Technical Analysis
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The natural gas markets shot up during the Friday session to break through the $3.50 level. This is a significant development, and has this market going higher as a result. We have now become bullish of this market until we get the $4.00 level, and will be buying supportive candles as we pulled back.
This is something that we have not been able to save for well over a year, as we have only been sellers of this market. With this recent breakout, it should leave very little doubt as to whether or not the support and buying is the real deal in this market. We don’t think that the trend has changed forever; rather we are correcting a very massively oversold condition. We figure the $4.50 level will eventually be targeted as well, and this could take most if not all of the winter time to do so.
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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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According to an Reuters article today (http://www.reuters.com/article/2012/10/15/us-energy-natgas-marcellus-idUSBRE89E12B20121015), Barclays says new pipeline infrastructure coming online in the next three months will ad 2.8% to output and another 5.2% in 2013.
I know you are a mostly technical analyst, but I was surprised by the bearishness of the fundamentals as discussed in the article and think nat gas may be heading back down into the two’s.
