Natural Gas Forecast December 7, 2012, Technical Analysis

The natural gas markets had a fairly rude bullish session during the Thursday hours, as we broke above the $3.65 level. However, we could not keep most of the gains and formed something along the lines of a shooting star. This shooting star sits just above the support level at $3.50, and as a result it looks like we could get a bit of a turn at this point in time. With this in mind, we still think this has a bullish bias, but will continue to go more sideways than anything else at the moment.