Natural Gas (NGAS) Outlook
The natural gas markets move downward, but then find sufficient support in even more significant point, to the level of $ 3. A break below this level would bring the market lower, perhaps to reach the level of $ 2.90, however there may be a jump from current levels.
The low temperatures of the weekend have created the conditions for sustained demand for gas, which led to the opening in Monday’s bullish gap. Also they contributed to the rise of technical factors: the market has in fact attempted recovery of a number of potential levels of resistance at $ 3,170, $ 3,213 and $ 3,272. If this is the case, we think that the sellers will come back soon in this market, and a exhaustion candle would offer a good opportunity to reduce positions.