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Natural Gas Forecast December 12, 2016, Technical Analysis

By:
Christopher Lewis
Updated: Dec 12, 2016, 10:41 GMT+00:00

The natural gas markets initially trying to rally on Friday but found enough resistance of the $3.75 level to turn around to form a bit of a shooting

Natural gas daily chart, December 12, 2016

The natural gas markets initially trying to rally on Friday but found enough resistance of the $3.75 level to turn around to form a bit of a shooting star. The shooting star of course is a negative candle, so it looks as if we could draw from here and reach towards lower levels in order to find support. A break above the top of the shooting star would send this market even higher. Ultimately, I believe that the market is overbought but there is enough bullish pressure underneath that buyers will trying to look for an opportunity to take advantage of value.

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About the Author

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.

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