The natural gas markets fell during the day on Friday, slicing through the $3.50 level. This is a market that has been quite overbought, so I believe that
The natural gas markets fell during the day on Friday, slicing through the $3.50 level. This is a market that has been quite overbought, so I believe that a pullback is necessary. I think that the market can drop all the way down to the $3.250 level and still be fairly bullish. A break to the upside seems very unlikely, because quite frankly it is a major resistance barrier on the longer-term charts. With this, I believe that a bit of a “cooling off” is necessary in this market. However, I don’t relish the idea of shorting.
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.
