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Natural Gas Weekly Price Forecast – Natural Gas Continues to Build a Base

By:
Christopher Lewis
Published: Apr 5, 2024, 15:35 GMT+00:00

Natural gas markets continue to bounce around in the same range we have been in for a while now. It looks like we are trying to find our footing, just above the crucial $1.50 level underneath.

In this article:

Natural Gas Weekly Technical Analysis

You can see that natural gas has gone back and forth during the course of the trading week. As we are hanging around the bottom near the $1.50 level, the $1.50 level for me is the floor in this market, and I think at this point we’re just bumping along much like we did in the early part of 2020. Looking for some type of catalyst. We don’t have it. We probably won’t have it for a while, but eventually we will start to worry about the fall season.

For myself, I’m invested in an ETF because that way I can just put money away and forget about it and collect my profit later. The $1.50 level will continue to be a hard floor in the market and above we have a significant resistance barrier in the form of $2. I don’t necessarily think this is a market that you want to get heavily involved in, but to have part of your portfolio meaning it’s an investment, not a trade in the natural gas market, makes quite a bit of sense at these lows.

It’s just cheap. Sooner or later, it pays you, but it’s the leverage that will kill you in the meantime. So you have to be willing to look at it through the prism of almost like the stock market near retirement account. You just build gains through time. That’s exactly what this is setting up to do. I can very easily envision a situation where we reach $3 by the end of the year. That would be almost double from where we’re at. That could help you know where portfolios return this year.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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