Natural Gas Price Forecast – Natural Gas Markets in Pedal SidewaysNatural gas markets initially tried to rally on Thursday but gave back a bit of the gains. The market is likely to see a lot of upward pressure on dips.
Natural gas markets have initially tried to rally during the trading session on Thursday as we see a lot of noise in this market. We are currently struggling with the $1.70 level, but it is just a level, and one that we have sliced through several times in the past, because of this, I like the idea of this market eventually breaking out to the upside, and I cannot help but notice that the $1.60 level has offered massive support as of late.
The $1.60 level underneath extends all the way down to the $1.50 level, and therefore I think it is a huge “range of support” just simply waiting to happen. Buyers in that general vicinity will probably become a bit aggressive, and therefore I am all over any attempt to get down into that area. Furthermore, the $1.56 level has been crucial support for natural gas over the last several years.
NATGAS Video 24.07.20
To the upside, it is very likely that we will go looking towards the 50 day EMA which is at the $1.75 level, and then after that the $1.80 level. After that, the 200 day EMA is currently found at the $1.97 level, so I think it is only a matter of time before we find resistance in that general vicinity. All things being equal, I am a buyer as we are lower in the overall range, and I think we are trying to form some type of basing pattern for a bigger move later this year. Plenty of bankruptcies in the news will continue to support natural gas as well.
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