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Natural Gas Forecast October 16, 2014, Technical Analysis

By:
Christopher Lewis
Updated: Aug 25, 2015, 01:00 UTC

The natural gas markets fell during the course of the day on Wednesday, slicing below the $3.80 level. The resulting action though turn things back around

Natural Gas Forecast October 16, 2014, Technical Analysis

The natural gas markets fell during the course of the day on Wednesday, slicing below the $3.80 level. The resulting action though turn things back around and formed a hammer, a strong sign of support. With that, it appears that the market is going to continue to stay within the consolidation area that we have been trading in for some time. A break of the top of the hammer, we feel that this market could probably go to the $3.95 level without too much in the way of trouble. On the other hand, if we break down below the bottom of the hammer, we feel that the market would then head down to the $3.50 level.

 

Natural Gas Forecast October 16, 2014, Technical Analysis
Natural Gas Forecast October 16, 2014, Technical Analysis

About the Author

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.

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