The natural gas markets rose during the session on Friday, but found resistance at the $3.50 level in order to fall back down and form a shooting star.
The natural gas markets rose during the session on Friday, but found resistance at the $3.50 level in order to fall back down and form a shooting star. The shooting star suggests to us that we will more than likely fall back down to the $3.30 level, and as a result we are willing to go short of this market on a break of the lows from the Friday session.
However, you must keep in mind that Monday will be a very illiquid market as it is Christmas Eve. The markets are working on a shortened schedule, and as a result most traders simply won’t be around. Because of this, the moves could be extremely little notice. With that in mind though, we are bearish of this market.
Natural Gas Forecast December 24, 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.
