Natural Gas: Latest Weekly Forecast- Drop to $2.60-$2.35
Following seven weeks of relentless selling, Natural Gas has entered extreme oversold conditions on Weekly Charts and either from current lows or a bit lower $2.60 and $2.35, an imminent rebound is very likely to test $3.00 and $3.275 resistance zone.
If buying momentum strengthens above initial resistance zone of $3.00 and $3.275 our next upside Target cum resistance zone would be $3.50 and $3.70 while the rebound will aim for $4.74 as strong supply zone.
In a trending bearish market, sell off can last longer enough that drives away most of the buyers from the arena before actual reversal takes place.
If buying momentum strengthens above initial resistance zone of $3.00 and $3.275 our next upside Target cum resistance zone would be $3.50 and $3.70 while the rebound will aim for $4.74 as strong supply zone.
In a trending bearish market, sell off can last longer enough that drives away most of the buyers from the arena before actual reversal takes place.
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