Choppy and bearish behavior for Natural Gas - Find out why: Forex Trading
The negative Wednesday candlestick has confirmed the market's bearish direction, and while there might be some chances for short-term gains, long-term traders may find it challenging to make swing trades until the market starts to rally significantly again.There are several factors contributing to the bearish trend, including a lack of demand and warmer temperatures that generally drive down prices at this time of the year in the United States and Europe.
The $2.00 level continues to be an important support level and could serve as a target for traders. If the market breaks down below this level, the $1.80 level could be the next target, although that move is not necessarily imminent. On the upside, the 50-Day EMA is just above the $2.50 level, and the $3.00 level remains a psychologically significant resistance level that could be tough to break.
Until then, however, traders should focus on finding value in the downside and not expect a significant change in the market's direction anytime soon.
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