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Natural Gas Price Analysis: Bulls step in but face wall of resistance

From fxstreet.com

Nat-gas bears remain in control on the front side of the bearish trend. Bulls coming up for air but will face resistance in the correction. Nat-gas on Thursday fell sharply to a 1-month low as the following technical analysis will illustrate. The commodity is under pressure due to ample supplies and mild US temperatures. A weekly EIA storage report was also bearish, as it showed a 110 billion cubic feet injection that topped both forecasts and averages, and kept an inventory surplus a beefy 17% above normal. The recent move below 2.234 is leaving the door open for further downside as follows: {charts} The market is ... (full story)

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  • Category: Technical Analysis