Natural Gas Forecast October 17, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The natural gas markets fell hard on Tuesday as the markets fell in order to retest the $3.40 region. This market is most certainly bullish though, and as such we are looking for some type of supportive candle to go long on. We do believe that eventually we will see this, and think that the next $.10 or so could be very difficult for the sellers to get through.

Over the next couple of sessions, we should see some type of buy signal. We will certainly take it as the contract has broken out so strongly to the upside. In fact, we think there is quite a bit of support in this market all the way down to the $3.00 level. This being said, we are not looking to sell at this moment in time.

 

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