Natural Gas Forecast November 17, 2015, Technical Analysis

The natural gas markets initially gapped higher at the open on Monday, but turned back around to fall and test which should now be support. This area in the region of the $2.40 level has been massively resistive lately. At this point in time, I believe that a bounce could come, but quite frankly I think it will only end up being a selling opportunity for those of you who are patient enough to recognize it. Resistive candles above will be used to short this market yet again. On the other hand, we could break down below the bottom of the range during the session on Monday, and that of course should send this market looking towards the bottom of the previous consolidation area which is at the $2.25 level.