Natural Gas Price Forecast – Natural Gas Markets Continue to Hang Around the 50-Day EMA

Natural Gas Price Forecast Video for 30.08.23

Natural Gas Technical Analysis

Natural gas markets have opened up on the upside during the Tuesday session, showing signs of bullish pressure yet again. That being said, the market is hanging around the 50-Day EMA, which of course is a significant technical indicator that people have on their charts. All things being equal, this is a situation where we have tried to build a larger “basing pattern”, as we are getting close to the end of summer in the northern hemisphere. Typically, this is the time a year where natural gas starts to climb, due to the fact that the demand will start to pick up.

Furthermore, we also have to worry about the European Union, and whether or not they are going to have enough natural gas this winter. I suspect that we are going to see quite a few problems with supply in the European Union, as the Russian natural gas is still off-line, and of course there are major issues in Africa. As long as this is going to be the case, then it is very likely that the market will continue to see a lot of upward pressure, and it is probably worth noting that the market has continually seen buyers on dips, and given enough time, I think that the market is likely to see a move to the $3.00 level. The $3.00 level is an area that obviously will attract a lot of attention, and it has been an area that sellers have defended quite recently.

If we were to break above the $3.00 level, then it’s likely that we would go looking at the 200-Day EMA. That is at roughly $3.32 and breaking that obviously would attract a lot of attention. At that point in time, the market would very likely go looking to reach the $5.00 level. On the downside, if we were to break down below the $2.45 level, then I think the market will have to look at the $2.00 area as a potential area to “reset” going forward. Ultimately, I think that this is a market that continues to be one that you buy on dips.

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