Natural gas markets exploded to the upside as we are starting to hear that several refineries are in more trouble than we thought. Because of this, the
Natural gas markets exploded to the upside as we are starting to hear that several refineries are in more trouble than we thought. Because of this, the market sliced through the $3 level to the upside, and now looks likely to try and continue to reach towards the top of the resistance area, which is close to the $3.10 level. Ultimately, I am still a seller and I believe that the overreaction to the inventory number and the situation will eventually rectify itself. However, in the meantime you have to step out of the way and let the move finish itself before you can take advantage of the longer-term trend.
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.
