Natural Gas Price Forecast – Natural gas markets chop to kick off week

Natural gas markets went back and forth during trading on Monday, as many of the world’s markets were very quiet in general, and of course the natural gas markets continue to be more of a grind higher than anything else. Overall, this market looks as if we will find sellers every time we rally, and I believe that the 50 day EMA will continue to offer significant resistance. Beyond that, the $3.00 level above will offer significant resistance, not only in the form of a large, round, psychologically significant figure, but a gap that is found there.

NATGAS Video 05.03.19

Looking at this chart, if we were to break above the $3.00 level, we could go to the 200 day EMA, which is sitting at the $3.138 level, and drifting a little bit lower. Overall, this is a market that I think will continue to find sellers above to push this market lower eventually. At this point, it’s only a matter of time before we roll over and reach towards the $2.50 level again from what I see. That is a major support level that is going to be difficult to break down below, so quite frankly I think this is a short-term selling opportunity at a higher level. In the meantime, we continue to sit on our hands and wait for a better opportunity to short this market. Buying is all but impossible, because quite frankly natural gas is so oversupplied in general, so look at this I believe it’s a matter being patient.

Please let us know what you think in the comments below