By FXEmpire.com
The natural gas markets had another wild session during the Thursday trading day, as the breakdown of the bottom of Wednesday’s hammer triggered many short orders, ourselves included. Obviously, based upon the doji that we saw for the session on Thursday, any fall from this area will be met with a certain amount of choppiness and support.
If you read a report yesterday, you saw that we have suggested this would be the case. Obviously the $2.70 level has a small cluster support there, albeit minor. We still insist that this market has an easier time going down than up, but that doesn’t mean either direction will be particularly straightforward. Because of this, we are willing to hang on the shorts at this point, and as long as we are under three dollars in this market – we cannot buy it. We would sell a break of the bottom of Thursday’s lows, or if you’re feeling a bit more aggressive right here. We suspect that this market eventually looks for $2.20.
Click here to read Natural Gas Technical Analysis.
Originally posted here
