Natural Gas Forecast October 25, 2012, Technical Analysis

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The natural gas markets had an interesting session on Wednesday as we initially rallied, but fell short of the mark and fell to print a shooting star. The market now sits at $3.43 as of closing, and essentially was unchanged for the session. We are sitting on support just above the $3.40 level, and as such we would expect further consolidation under most conditions.

However, the fact that this candle is a shooting star after a very negative session on Tuesday, we are getting a little bit cautious of the natural gas markets. Because of this, we will simply wait until we get a daily close above the $3.62 level in order to show that we’ve the upside. As for selling, it may be a bit difficult until we get below the gap that formed right around the $3.00 level.

 

Natural Gas Forecast October 25, 2012, Technical Analysis

Natural Gas Forecast October 25, 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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