Natural Gas Price Forecast – Natural Gas Markets Continue to Look a Bit Exhausted

Natural Gas Technical Analysis

Natural gas markets have gone back and forth during the session on Thursday as we continue to look for some type of momentum. If we can break above the top of the $9.00 level, then it’s possible that we could try to take onto the upside, but all things being equal this is a market that has rallied way too hard, to begin with, and therefore I think at the very least we would need to go sideways from a momentum basis.

If we can take out the massive shooting star from Tuesday, that would be a very bullish sign, perhaps opening up the possibility of a move to the $10.00 level. The $10.00 level is an area that I think a lot of people will have to pay close attention to. Breaking above there would be a massive signal that the market is going to go much higher, but quite frankly I think sooner or later we are going to see demand get destroyed. After all, we have the GDP numbers coming out at miserable levels, so one would think that demand should drop going forward.

The $8.33 level underneath has offered a bit of support, so if we break down below there is likely that we could drive down to the $8.00 level, and then perhaps even lower than that. Looking at this chart, I think we are going to continue to trade in a massive consolidation area, as natural gas has been all over the place. In this scenario, all of that volatility is typically a bad thing going forward for an asset price.

Natural Gas Price Forecast Video for 29.07.22

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