Natural Gas Price Forecast – Natural Gas Markets Fall Into the Weekend

Christopher Lewis
·2 min read

Natural Gas Technical Analysis

This is going to be interesting. The Germans and the Italians have both buckled into the idea of working a loophole so that they can pay the Russians in rubles for natural gas. It’s also interesting that we have just formed two shooting stars at the $9.00 level, and you can even make an argument that we are forming some type of rising wedge. That being said, we are still in a very bullish market, but it does look like we are starting to see a little bit more momentum to the downside.

The market has been out of control as of late, so a bit of a correction does make quite a bit of sense. This does not necessarily mean that you should be looking to short this market, but we are going to eventually have to find some type of value that we can take advantage of. At this point, the market is so overbought that is difficult to get excited. I suspect that the market is probably going to go looking to challenge the $8.00 level.

If we break down below the $8.00 level, then it’s possible that the market could go looking toward the 50 Day EMA. The 50 Day EMA is an indicator that a lot of people pay close attention to and has offered dynamic support recently. Because of this, I think it makes quite a bit of sense that a lot of attention will be paid to it. Looking at this chart, we are so far overdone that even if you are bullish of natural gas for a longer-term move, you must recognize that we need to find more buyers.

Natural Gas Price Forecast Video 30.05.22

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This article was originally posted on FX Empire

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