Meltup or down?
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Natural Gas collapses during trading on Monday, slicing through the $2.70 level
Natural gas markets broke down significantly during the trading session on Monday, as it was announced that the Chinese are retaliating quite heavily against the US. In the long term though, the market has been in a downtrend anyway, so this should not be much of a surprise.
Christopher Lewis
1 day ago
golden sunset in crude oil refinery with pipeline system
Natural gas markets broke down significantly during trading on Monday, slicing through the $2.70 level. By doing so, it looks as if we are racing towards the $2.60 level again, and I think at this point the overall attitude of the market remains the same, selling the rallies. I think that the $2.75 level above is resistance, offering a nice area to sell again. I think that if we break down below the $2.60 level, we should then go to the $2.50 level. A breakdown below there unwinds this market rather drastically, but I think there will be enough support underneath to keep this market somewhat afloat.
I believe that the negative attitude and the oversupply of natural gas will continue to be a major problem with this market, and therefore I think that the sellers will continue to be emboldened every time we show signs of positivity. I think that the attitude of this market hasn’t changed much, and I think that the rallies will continue to be excellent opportunities for those who are paying attention. At this point, I have no idea how anyone would be tempted to buy this market, but there’s always somebody out there willing to do that. Take advantage of those people willing to jump in, as of course the futures markets are bit different than the Forex markets, as there will be hedging that is necessary by larger corporations. Use the liquidity to your advantage.
NATGAS Video 03.04.18
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