Natural Gas: Bulls Seems Cautious To Be Trapped After A Gap Down
Satendra Singh | May 15, 2017 04:09AM ET
Natural Gas futures price seems to be moving well in 4 Hr. chart which I constructed in my analysis, I concluded in this analysis that the natural gas futures price has to cross “Bulls Trapping Zone” successfully in a stretch to go ahead. A gap down opening on the first trading session for the Week of May 14th, 2017 seems enough evident to trap the bulls in this zone.
Have a look at the movement of natural gas futures price in the same 4 Hr. chart on May 15th, 2017 at 03:55:00 makes it definite that now bulls seem to be cautious to be trapped in this zone after a gap down opening. I find the natural gas futures price to be in a overbought territory and needs to enlighten some longs before another move. I conclude that the natural gas futures price may find good support first at $3.333, which once used to be a strong psychological resistance, but now, will work as a good supporting level and finally at $3.140 second strong support will see a good presence of buyers.
Have a Nice Trading Time.
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