Natural Gas Price Forecast – Natural gas markets fail to hang onto gains

A tropical storm is heading to the Gulf of Mexico·FX Empire
Christopher Lewis
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Natural gas markets initially tried to rally during the trading session on Wednesday but as you can see we have given back quite a bit of the gains. By doing so, it shows just how much bearish pressure there is in this market, as we said just above the $2.30 level. This is obviously an area that will attract a lot of attention due to the fact that it is a round, psychologically important figure. If we can break down below the $2.30 level, then we could go much lower. At that point, I would be looking at the $2.20 level as the next target.

NATGAS Video 18.07.19

Ultimately, if we can break down below the $2.26 level, then we can finally start to talk about the $2.00 level which of course is an area that will attract a significant amount of attention. The alternate scenario is that we break above the top of the candle stick for the trading session on Wednesday, but I think that the $2.40 level above will be massive resistance, as it was previous support. The 50 day EMA is grinding sideways and then starting to turn a little bit lower, so this tells me that we are going to go much lower. Ultimately, any type of exhaustive candle will probably be an excuse to start selling again. I think that the resistance extends to at least the $2.50 level, and therefore I don’t have any interest in buying this market, rather I am more than willing to start shorting it on signs of exhaustion above.

This article was originally posted on FX Empire

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