Natural Gas Forecast August 14, 2017, Technical Analysis

The natural gas markets went back and forth during the day on Friday, testing the $3.00 level above. If we can break above that level, then I think the resistance extends all the way to the 3.10 level above there. I don’t think that the market is going to have enough momentum to break out to the upside, and I believe it’s only a matter of time before the sellers return to this market as the oversupply will continue to be an issue. I think that the US dollar falling has been a little bit of a boon for this market, but given enough time I believe that the longer-term resistance will hold. Alternately, if we break down below the $2.95 level, I would be a seller of this market as well. This is a market that has seen a significant amount of bullish pressure over the last couple of sessions, but quite frankly I think it’s a bit overdone as the fundamentals of this market have not changed much.

NATGAS Video 14.8.17

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