Natural gas markets initially tried to rally on Tuesday but found the $3 level to be a bit of a brick wall. We turned around from there and fell rather
Natural gas markets initially tried to rally on Tuesday but found the $3 level to be a bit of a brick wall. We turned around from there and fell rather significantly, reaching towards the $2.90 level. I believe this is a market that continues to be a “sell on the rallies” type of situation and I think that the $3 level will continue to be formidable resistance. Because of this, I’m looking for exhaustion to sell, and I think that the market will almost certainly go looking for the $2.85 level underneath given enough time. Beyond that, I would expect a breakdown below there longer term.
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.
