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
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.
