Natural Gas Forecast October 5, 2012, Technical Analysis

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The natural gas markets had a very session on Thursday as the markets triggered a “hanging man.” The market does look like its right for a pullback, and the fact that the last 10 candles only show two red ones suggests to us that perhaps we need to see a little bit of a pullback in order to continue higher.

This of course is the way that most breakouts behave, and as such we aren’t necessarily keen on selling quite yet. As long as we stay above the $3.00 level, we think that this market is a buy going forward. As far as selling, we would need to see that daily close well below the $3.00 level.

 

Natural Gas Forecast October 5, 2012, Technical Analysis

Natural Gas Forecast October 5, 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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