Natural Gas Forecast September 21, 2012, Technical Analysis
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The natural gas markets rose slightly during the session on Thursday, but still look inherently weak. The market has found quite a bit of resistance in the $2.90 level previously, and it is underneath that area that we find the market and right now.
We think that the downtrend is most certainly still in effect, and as such are willing to sell weak candles as they appear below the $3.30 handle as we think that is the most important barrier for the buyers to overcome. At that point time, we would have to consider a much larger move higher. However, we haven’t seen that yet, and still believe that this market has a downward bias. We would sell weak candles and fail at the $2.90 level, and of course sell a break of the lows from the Wednesday session which would be firing off sell orders from that shooting star.
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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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