By FX Empire.com
Natural gas markets rose again on Friday as the trading community continues to short cover in this market. The recent oversold condition in the market has lead many drillers to step away from production as it simply wasn’t profitable anymore. However, there is still a massive glut of the commodity, and the trend certainly hasn’t changed much.
The recent break of $3 was a significant event to us, and it has yet to be retested. This is a common event in technical analysis, and as a result we expect the level to offer resistance going forward. The market looks a bit bullish at the moment, so we will stand back and let it rise to $3 before we start looking for resistive candles.
Natural Gas Forecast January 30, 2012, Technical Analysis
Originally posted here
