Natural Gas Price Forecast Video for 29-01-2024
Natural Gas Weekly Technical Analysis
The natural gas markets have been all over the place during the course of the week, only to settle on a fairly neutral candlestick. This is actually a decent sign, considering just how negative it was during the previous week, but I think at this point we are trying to carve out some type of range for the spring, possibly even the summer. Unfortunately, this winter has just not panned out for the natural gas markets, and I think we may be seeing the last dying gasps of any cold weather that could push this market higher.
The $2 level underneath looks to be a massive support and I think it will continue to be so. With that being the case, I have to look at it as a market that only has somewhat limited downside, while to the upside, I believe the $3 level, and then again at the $3.33 level, will offer resistance. Those areas are where I want to trade from and I don’t necessarily want to trade this market from where we sit, mainly due to the fact that we are so neutral and we are so near what I suspect is going to end up being fair value.
Winter is almost over, and we just haven’t had the type of demand that natural gas bulls would have wanted, therefore we are stuck with the range going forward. I think you are going to be stuck with choppy and short-term behavior going forward, so it’s difficult to get overly aggressive from a longer-term perspective.
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