Natural Gas Price Forecast – Natural Gas Markets Continue to Try to Find a Bottom
Natural Gas Price Forecast Video for 03.02.23
Natural Gas Technical Analysis
Natural gas markets have done very little during the trading session on Thursday, as we continue to see complete weakness. At this point, it looks to me like a market that desperately needs some type of bounce, but we don’t seem to have enough momentum to get it going yet. That being said, when we do finally get a bounce, it will more likely than not be huge, as it has been such a vicious bear market.
When we get that bounce, I am more than willing to get involved and start fading at the first signs of weakness. I would love to see that somewhere near the $4.00 level, but it remains to be seen whether or not that can actually happen at the moment. On the other hand, if we break down below the $2.50 level, it’s very likely that we could go down to the $2.00 level, which is a big figure that will attract a certain amount of attention.
All things being equal, we have to look at this through the prism of a market that has been overbought, and now oversold. I do think eventually we get the bear market rally, but we just don’t have any signs of it yet. If this market does suddenly take off to the upside, I will be waiting for the first exhaustion candle to get involved and take advantage of the March contract as it also will start to take in the seasonality aspect, as temperatures will be warmer soon.
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