The natural gas markets initially fell for the session on Thursday, but got a boost when the natural gas inventory numbers came out more bullish than
The natural gas markets initially fell for the session on Thursday, but got a boost when the natural gas inventory numbers came out more bullish than expected. The drawdown was much larger, and this signals that we may be heading into enough of a winter weather pattern to push prices higher.
However, we see plenty of resistance above, and are looking for a place to short this market presently. A break of the highs from the Thursday session is technically a buy signal, but there is a lot of resistance above in order for us to be comfortable buying. A break of the bottom of the Wednesday candle would also be very bearish.
Natural Gas Forecast December 21, 2012, 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.
