Natural Gas Price Forecast – Natural Gas Markets Continue to Test Stratosphere

·2 min read

Natural gas markets have initially tried to rally during the course of the session on Wednesday but have also pulled back just a bit to show signs of hesitation. That being said, the market is likely to continue seeing the $6.50 level above offering a bit of a barrier, but if we were to break above that level, then it would be obvious that the market was ready to rip higher. With this being the case, then we would more than likely see the natural gas markets go looking towards the $6.75 level, possibly even the $7.00 level after that.

NATGAS Video 28.10.21

The 50 day EMA underneath should offer plenty of support, sitting at $5.14. Ultimately, I think there are plenty of buyers waiting to pick up this market on any dip, as the demand for natural gas will almost certainly continue to climb through the winter. With this being the case, it is not until we break down below the $5.00 level that I would be concerned about the overall trend, something that we are miles away from happening. With this being the case, the market is likely to continue seeing a lot of volatility, but at this point in time it is obvious that this is a bullish market, and selling as but an exercise in futility. The market will more than likely continue to show signs of strength, as we do not have enough supply for multiple parts of the world currently. Going forward, natural gas likely goes much higher, but someday once this all settles out, we will see the mother of all meltdowns.

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This article was originally posted on FX Empire


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