The natural gas markets initially fell during the course of the week but found enough support at the $2.20 level to turn things back around and form a bit
The natural gas markets initially fell during the course of the week but found enough support at the $2.20 level to turn things back around and form a bit of a hammer. With this, it appears that the $2.20 level continues to offer support for a market that is most certainly oversold at this point. However, we look at any break out to the upside as a potential selling opportunity, as the sellers should return somewhere near the $2.60 region. On the other hand though, if we break down below the bottom of the hammers, this market should go to the $2 level immediately.
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.
