Natural Gas Forecast October 4, 2012, Technical Analysis
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The natural gas markets tried to rally during the Wednesday session, but found a ton of resistance at the day went on. The resulting candle is very weak, and settled under the $3.40 level. This is a market that has recently broken out, so this signifies that we may come back and try to find support in order to climb longer-term.
The rally that we have seen recently is actually countertrend and therefore makes it a little bit dangerous, but we think that there is an opening to go as high as four dollars before the rally stopped. As long as we can find some type of support between here and the $3.00 level, we think that there is a strong possibility that this rally has legs. With this in mind, we are more than willing to buy supportive candles over the next couple of days, and fully expect to see one. As for selling, we need to get well below the $3.00 level on a daily close to even start to talk about it.
Natural Gas Forecast October 4, 2012, Technical Analysis
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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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