By FX Empire.com
Natural Gas markets fell during the Friday session, but managed a bit of a bounce before it was all said and done. With this action, we have printed a hammer on the daily chart, and the candle suggests that we are going to see a bit of support in the area. The area is where we saw support in the past, and it looks like the bulls are trying to make their stand here. However, it is very unlikely that this rally lasts for good.
The market is decidedly bearish, and as a result we never by this commodity. The market is good for selling rallies, and we are looking to fade them as they come. However, there are a couple of levels we are watching right now: $2.80 and $3.00 or so. These two levels should be resistive, and we will sell weakness in their vicinities. Until we get there – we are flat.
Natural Gas Forecast February 6, 2012, Technical Analysis
Originally posted here
