The natural gas markets tried to rally during the course of the session on Wednesday, but found the area above the $2.70 level to be a bit too resistive.
The natural gas markets tried to rally during the course of the session on Wednesday, but found the area above the $2.70 level to be a bit too resistive. With this, we pulled back to form a shooting star. If we can break the bottom of the shooting star, we feel that the market will probably head down to the $2.65 level. If we can break below there, the market should continue to go much lower. On the other hand, if we break the top of the shooting star, that would be a very bullish sign and we would be buyers for short-term gains as we continue to bounce around in the larger consolidation area.
Natural Gas Forecast August 27, 2015, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
