Natural Gas Futures--- Natural gas futures in the January contract are hitting a fresh contract low this Thursday afternoon in New York currently down another 14 points at 2.78 despite the cold temperatures coming back into the Midwestern part of the United States as oversupply issues continue to pressure prices here in the short term.
If you have been following any of my previous blogs I continue to look for a buying opportunity, however buying when prices hit a contract low is a very dangerous thing to do as I will wait for some type of bottoming pattern before initiating a bullish position as I do think prices could head down to the 2.60 level in the coming days ahead.
Natural gas prices are trading under their 20 and 100 day moving average telling you that the trend is to the downside as the volatility as expected is relatively high at the current time and that is going to continue throughout the winter months as I would be surprised if prices trade under the 2.60 level as there will be a bottom in this market soon so be patient.
At the present time I do not have any energy recommendations as I was stopped out of crude oil in yesterdays trade as many of the commodity markets this week have been trading to the downside.
CHART STRUCTURE: POOR
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