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
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
