Natural gas markets initially went sideways on Friday, but once the Americans came on board, absolutely collapsed. Most of the recent bullish pressure has
Natural gas markets initially went sideways on Friday, but once the Americans came on board, absolutely collapsed. Most of the recent bullish pressure has been due to traders anticipating a disruption of natural gas distribution, due to the hurricanes. However, that now appears to be very unlikely, and as a result the bearish pressure has returned. I believe that the $2.87 level will be targeted next, and that rallies will be selling opportunities. There is even more support near the $2.85 level underneath, which makes even more sense as a target. The $3 level continues to be massively resistive.
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.
