Natural Gas Price Forecast – Natural Gas Markets Continue the Sideways Movement

Natural Gas Price Forecast Video for 17.02.23

Natural Gas Technical Analysis

Natural gas markets have rallied a bit during the trading session on Thursday as we continue to hang around the $2.50 level. The $2.50 level is a large, round, psychologically significant figure, and an area where we’ve seen a lot of noise in the past. Whether or not it holds remains to be seen, but it certainly looks as if we are trying to get into some type of basing pattern. That being said, we don’t have the volume, nor do we have the explosive move to the upside showing signs of the reversal.

That reversal could be a short-term buying opportunity, but I don’t necessarily think it’s going to be a scenario where you can hang onto that trade. I think it would be a bear market rally, but it would also be a nice shorting opportunity for swing traders like myself. Any signs of exhaustion near the 50-Day EMA, or the $4.00 level will be jumped on, and I will not hesitate to start shorting.

On the other hand, if we break down below the bottom of the range, then it’s likely that we could go to the $2.00 level. The market will continue to see a lot of volatility, but I also think that given enough time it’s likely that we will see a turnaround, if for no other reason than just simply people collecting profits after shorting this monster moved to the downside. Ultimately, the market continues to be very quiet at the moment, so unless you are short-term scalper, there isn’t a whole lot to do in this type of environment. However, this could be the beginning of the market trying to find its way back to higher levels.

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