Natural gas Technical Analysis for the Week of August 22, 2011

By CommoditiesMansion.com

 

The natural gas markets remained fairly stagnant during the week as traders are digesting the recent break of the $4 level. That level had held up as massive support previously seems to be holding as resistance. This makes us bearish long term but we are waiting to either short a bounce, or a break to new lows. This gives us a target of $3 based upon the rectangle that we broke through recently. The truth is that there is simply too much natural gas for the market currently, and this is a trend that should last for a long time.

Originally posted here

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