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Christopher Lewis
Natural gas weekly chart, August 26, 2019
Industrial zone, Steel pipelines, valves and pumps

Natural gas markets initially tried to rally during the week but have given back quite a bit of the gains to turn things around and form a bit of a shooting star. The shooting star of course is a negative sign and it does suggest that there are more sellers out there waiting to get involved and push to the downside. At this point, I think short-term traders continue to jump on anything that looks like bullish pressure as we are more than likely going to have to go down to the $2.00 level underneath which is a massive target. That is a major level and I think there should be a lot of people that will be trying to get down there to see if they can trip a lot of stop loss orders. If that’s going to be the case, then it’s possible that the market could reach down to the $1.75 level but is very unlikely that the market gets that wish. However, keep that in mind because it is one possibility.

NATGAS Video 26.08.19

Ultimately, we could break out to the upside but I think we need to see cooler temperatures in the United States and Western Europe to see that happen. We are trading the October contract right now, so we are not quite ready for that cyclical trade to the upside. That being said it’s going to be easier to short this market from a short-term perspective more than anything else. Buying is all but impossible.

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