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Christopher Lewis
Natural Gas

Natural gas markets have rallied initially during the trading session on Friday, in order to show at least the first vestige of life in this market. After all, the natural gas markets continue to find plenty of support at the $1.50 level. This is an area that has been crucial, and I think that you should pay attention to whether or not we can start to recover from here, because quite frankly it makes quite a bit of sense that we would see noisy behavior due to the fact that the $1.50 level is a major “floor” in the market from a longer-term standpoint.

NATGAS Video 29.06.20

To the upside I believe that the market is likely going to see the $1.80 level because bits and pieces on resistance and as a result it is likely that the market continues to simply go back and forth and show signs of choppiness. I think that the massive amounts of bankruptcies that are coming as far as the natural gas sector is concerned will probably continue to cause an eventual rally in this market. I do not think it is a long-term rally, just that we had gotten to extreme lows. If we did break down below the $1.50 level, then I think the market could go much lower, perhaps down to the $1.25 level, but at this point we are getting overextended to the downside. If we did break above the 50 day EMA, then the market could go looking towards the $2.00 level.

For a look at all of today’s economic events, check out our economic calendar.

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