Natural Gas Price Forecast – Natural Gas Markets Quiet in Limited Trading
Natural Gas Price Forecast Video for 25.11.22
Natural Gas Technical Analysis
Natural gas markets have been very choppy during the trading session on Thursday, but that’s not overly surprising considering the volume would have fallen off of a cliff due to the limited amount of hours out there for electronic trading, as futures markets were observing Thanksgiving. Keep in mind that natural gas has recently expended a lot of energy to get to where it’s at, so it does make a certain amount of sense that we would take a breather anyway.
We had broken above the “island reversal” from a couple of weeks ago, which of course is a very strong sign, and then shot well above the $8.00 level during the session on Wednesday. However, with the lack of volume during the day, it is probably going to be difficult to read too much into this candlestick. Nonetheless, the only thing that you need to be paying attention to is the fact that we sliced through resistance and it looks like were ready to go higher. I would anticipate that the $7.00 level underneath should end up being support, as it was recent resistance.
You can see I have a “bottoming pattern” drawn out on the chart, as it was a huge “rounded bottom.” Based upon measurement, it suggests that we could go as high as about $9.25. Obviously, it would take some effort to get there, but if the technical analysis works out correctly, that’s what it says. If we were to break down below the 200-Day EMA again, near the $6.75 level, then I think you would have to consider this one last hurrah for natural gas.
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