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Natural Gas Price Forecast August 23, 2017, Technical Analysis
Updated: Aug 23, 2017, 04:34 GMT+00:00
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
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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.
NATGAS Video 23.8.17
About the Author
Christopher LewisSenior Analyst
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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