Natural Gas Price Forecast – Natural Gas Continue Bullish Action

Natural gas markets have shown quite a bit of bullish pressure recently, but at this point in time it looks like the markets have fallen a bit. Looking at the short-term chart, it is likely that the natural gas market may continue to go lower, but the $2.80 level is the absolute bottom of the gap. In other words, if you are patient enough you should get a nice buying opportunity underneath, to take advantage of the longer-term outlook for natural gas. By longer-term, I mean the next couple of weeks. Ultimately, this is a market that should go higher this time year due to the fact that demand will certainly increase.

NATGAS Video 28.10.20

To the upside, the $3.40 level would be a target, followed by the $3.50 level. However, I think that if you buy the market at this level, you are essentially “paying up” when it is not necessary. Remember, natural gas tends to be very noisy and with yet another tropical storm going through the Gulf of Mexico, it makes sense that there has been increased volatility. At this point, and simply looking for a retraced to at least $3.00 where we can start to think about buying, or perhaps even lower than that.

I would wait for some type of daily candlestick in order to get involved, so at this point you probably have a lot of waiting to do more than anything else. This also suggests that we may do very little between now and the election, which most traders are paying close attention to right now.

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