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Natural Gas Price Forecast – Natural Gas Markets Racing Higher

Christopher Lewis
·2 min read

Natural Gas Technical Analysis

Natural gas markets have rallied again during the trading session on Thursday as we continue to see the market shoot straight up in the air. That being said, the market is likely to see a lot of hesitation at times, because quite frankly we are overextended. The market looks as if it is trying to go to the $10.00 level given enough time, but it will take quite a bit of effort to get there. I think at this point, we desperately need some type of pullback in order to build up the necessary momentum.

The $8.00 level underneath should be supported, as it has been resistant previously. At this point, any time that we pull back I think that we have a potential for value. The 50 Day EMA sits at the $7.17 level and is rising, so that also will offer a certain amount of dynamic support as well. Underneath there, the $7.00 level and the $6.50 level both offer support. As long as we have traders betting on the lack of supply due to the Russian situation, we are more likely than not will continue to see this market going higher.

The $10.00 level should offer a significant amount of resistance, and I do think that there will be a lot of headline noise in that general vicinity. Sooner or later, we are going to get a reversal of this market, which will be one of the great trades of your career. Unfortunately, we do not have that set up quite yet. Having said that, you have to be looking for value on dips, that’s about it at this point in time.

Natural Gas Price Forecast Video 27.05.22

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This article was originally posted on FX Empire

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