By FXEmpire.com
The natural gas markets had a bullish session on Wednesday as the commodity continues to grind back and forth between the $2.70 and $3.00 levels. This looks like consolidation before some type of move, and although the trend is most certainly up over the last couple weeks, we still prefer selling given the chance. The overall market has been extremely bearish of natural gas, and we think that this latest move is simply a bit of consolidation before the next leg down.
However, of course we can be wrong and we recognize the $3.10 seven level as a “line in the sand” or us. If the markets close above that level, we are considering changing our bias for the short term in buying. As for selling, we still need to see that break below $2.70 to start selling this market yet again. At that point in time we will be aiming for the $2.20 level.
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Originally posted here
