Natural Gas Price Forecast – Natural Gas Markets Continue to Bounce Around

Natural Gas Price Forecast Video for 09.03.23

Natural Gas Technical Analysis

Natural gas markets have done very little during the trading session on Wednesday, as we continue to look for some type of momentum. After all, we had sold off drastically, so I think it does make a certain amount of sense that we rallied a bit. However, this is a situation where I don’t necessarily think that the market can be trusted for bigger means, but a bear market rally does make a certain amount of sense.

The 50-Day EMA sits near the $3.23 level, and then of course the $3.00 level is a large, round, psychologically significant figure. If we were to break above both of those levels, then we could have a bigger move, but right now I think we are more likely than not going to see a certain amount of exhaustion on rallies that we could take advantage of. Underneath, we have the $2.00 level that offers support, as it is a large, round, psychologically significant figure as well.

Furthermore, it’s an area that has previously been important in the past, so I would anticipate that it would continue to offer support. Even though temperatures are starting to pick up due to the fact that the northern hemisphere is heading into spring, one would have to think that there’s only so far you can go to the downside before it just gets too cheap to ignore.

That being said, if we were to break down below the $2.00 level, then it’s likely that we could see a lot of momentum chasing, but I think that would be short-lived at best. Quite frankly, the selling pressure in the natural gas market has gotten a bit out of control.

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