Natural Gas Price Forecast – Natural Gas Markets Continue to Hover Around $2.50
Natural Gas Price Forecast Video for 08.02.23
Natural Gas Technical Analysis
Natural gas markets have done very little over the last several sessions, as we are hanging around the $2.50 level. Ultimately, this is a market that I think continues to see a lot of noisy behavior, and therefore I think it’s also worth paying close attention to the area as it is trying to offer some type of basing pattern, because quite frankly the market is oversold on just about any metric that you try to use, so therefore I think you need to keep an eye on this as a potential springboard. If you are trying to pick a bottom, this might be a place to do so, but I am more of a swing trader, so I’ll be looking for rallies that show signs of exhaustion.
At this point, I would love to see some type of rally that shows signs of exhaustion that we can jump on. I believe that the $4.00 level would be an excellent opportunity, because not only is it a large, round, psychologically significant figure, but it also features the 50-Day EMA. In other words, there are a lot of different reasons to think that technical traders would be interested in this area.
At this point, if we were to break down below here, then it’s possible we could go down to the $2.00 level, but I think that is a bit of an extreme condition, so I’m not looking for that to happen in the short term. Ultimately, I believe this is going to continue to be a situation where we will have a lot of volatility, so if you are short-term trader this might be a great market.
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This article was originally posted on FX Empire
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