Natural Gas Price Forecast – Natural Gas Markets Quiet

Natural gas markets have gone back and forth during the trading session on Wednesday, forming a relatively undecided candlestick by the time the middle of the day had come and gone. Ultimately, this is a market that continues to see a lot of support of the $2.20 level underneath, and of course the uptrend line rising from below. To the upside, the 50-day EMA is currently causing resistance, and that resistance extends to the $2.40 level which is the resistance area that we have seen in the market more than once. As we slumped towards the uptrend line, it’s only a matter time for the buyers enter.

NATGAS Video 24.10.19

Beyond that, if we can break above the $2.40 level, the market should go looking towards the 200-day EMA which is closer to the $2.54 level, and then a move to the $2.70 level would be the next target. This is a market that has been grinding higher over the longer-term, and we are trying to build up enough momentum to go higher overall. The market could very easily go to the $3.00 level, and therefore enter a “buy-and-hold” type of situation. Overall, I like the idea of buying natural gas is time year but I also recognize that it tends to be very noisy and choppy when trying to form a bit of the base for a bigger move to the upside due to colder temperatures in the United States and the European Union. For what it’s worth, a break above the $2.40 level would be a reversal pattern anyway.

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