Natural Gas Forecast October 16, 2012, Technical Analysis

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The natural gas markets fell rather hard during the Monday session giving up 3% of their value as they fell down to the $3.48 level. We still see this market is rather bullish, and this is simply a return to the support zone that extends from $3.40 the $3.50 level. In other words, we see this is a simple “retesting of former resistance as support.”

In general, commodities had a rough Monday so this may have been more or less a “risk on, risk off” type of trade anyways. We certainly aren’t concerned about natural gas and its bullish tendencies at the moment, and see support at the $3.40, $3.20, and $3.00 levels. Because of this, we are buying supportive action, and fully expect to see some in the next day or two.

 

Natural Gas Forecast October 16, 2012, Technical Analysis

Natural Gas Forecast October 16, 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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