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Christopher Lewis
Natural Gas

Natural gas markets initially pulled back a bit during the trading session on Wednesday, but then turned around to show signs of life again. Because of this, if the market breaks above the $3.00 level, that could give the “all clear” for return towards bullish pressure. After all, we have just filled the gap that a lot of people will have been paying attention to. If that is the case, the idea is that in theory we should see buyers to pick this market up and send it back to the upside. After all, you have to keep in mind that the demand for natural gas will be stronger this time a year, as it is colder in the northern hemisphere.

NATGAS Video 12.11.20

We have had a couple of scares when it comes to the Gulf of Mexico and hurricanes, so that has driven price artificially high, but we are still in a bullish uptrend. Now that we have filled the gap it is a continuation of what we have been seen for some time, so therefore it is likely that we could go as high as $3.40 if we are patient enough. Breaking above their opens up the possibility of a move to the $3.50 level, and possibly even further.

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If we were to turn around a break down below the $2.80 level, it opens up the possibility of a move down to $2.60 where I would expect to see even more support. The 200 day EMA is all the way down to the $2.40 level, and that would be a massive “floor in the market.”

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

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