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The natural gas markets had another bullish session on Wednesday, as the US dollar continues to get beat up. We don't necessarily believe this is a fundamentally strong market; rather there is quite a bit of short covering ahead of the Federal Reserve decision later today. In other words, we think this is an anti-Dollar play rather than anything to do with fuel.
We still see the market as a bearish one, although this bounce has been very wicked. Looking above, the $3.30 level needs to be overcome in order for us to see another leg higher of any substance. We are still looking for failing candles in that general vicinity as it would show a failure to break to the new eyes. However, we are cognizant of the fact that this market could continue to run. Nonetheless, it does look a bit overextended her last couple days and we would expect weakness in the relatively short term.