Natural Gas Price Forecast – Natural Gas Markets Continue to Pressure Resistance

The first thing you need to know is that the May 2020 contract is about to rollover into June, so some of the action may or may not be as reliable. For what it is worth, the June contract is trading at $2.00, and looking like it is going to try to break out. If it does, that could be the beginning of something rather special as natural gas has been so depressed for so long. There are a slew of bankruptcies coming down the road and there will certainly be a lot of company shutting down production. If that is going to be the case, we may finally see a rebound in this market. This has become much less a technical issue than a fundamental one.

NATGAS Video 23.04.20

As we rollover into the next contract, we need to pay attention to what June is doing. If it can break significantly above the $2.00 level, then it would show that natural gas is ready to try to reach towards higher levels. The 200 day EMA above could of course cause some issues, and perhaps even a pullback. However, that pullback could very well end up being a buying opportunity. Alternately, if we break down below the candlestick and perhaps the 50 day EMA, then we could see a reach towards the lows again. That being said though, the market highly likely to be trying to form some type of basing pattern in general. This is a market that has been sold off for so long, perhaps it is finally turning around.