Natural gas Technical Analysis for August 31, 2011
Natural gas markets are starting to put up a fight just below the $4 mark, although we have certainly seen the major support area give way. The Tuesday candle formed a bit of a hammer, and it appears that the bullish traders aren’t quite ready to throw in the towel just yet. However, arguing with the trend only leads to losses, and as such – we are waiting for a bounce from which to sell at this point. Certainly selling is the only direction to consider in this market now.