By FXEmpire.com
The natural gas markets fell for most of the session during the Thursday trading day, only to turn around and bounce back to form a hammer. While we are still in the consolidated area that the market has been in over the last week, it must be said that this hammer is somewhat impressive. We still of course maintain that the $3.10 level is where we need to see the market break above in order to start buying, but this does suggest that the bullish traders are going to make another attempt at it.
As for selling, it becomes more and more obvious that we need to see the $2.70 level gives way in order to do so. The overall trend of course goes with the downside trade, and that is the one that we prefer. However, we need to see this bit of support give way before we are comfortable doing so. Again, as for buying we won’t do it until we see a daily close above the $3.10 level.
Click here to read Natural Gas Technical Analysis.
Originally posted here
