Natural Gas Futures Forecast October 23, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The natural gas markets fell on Monday as the general attitude of markets was certainly a kind of "risk off" feel. The $3.40 level looks supportive at this point time, but the Monday candle did close of the very lows. This of course suggests that we may see continued weakness, but the close on Tuesday will certainly be important as it will either show a clean break, or support in this general vicinity.

We actually believe in the idea of more support, but need to see it confirmed on the daily close in order to start buying again. This is precisely because of the close at the very bottom of the range for the session on Monday. This generally means that more selling is coming, but now the real question is whether or not it can get through the support. If it doesn't, we will continue to buy this contract.

 

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