Natural Gas Weekly Price Forecast – Natural Gas Markets Drift Lower for the Week

Natural Gas Price Forecast Video for 10.07.23

Natural Gas Weekly Technical Analysis

Natural gas markets have fallen just a bit during the trading week, as it looks like we continue to see more consolidation than anything else. We have been bouncing around between the $2.00 level underneath in the $3.00 level above. I think that continues to be the case, as the market tries to figure out what we are going to do. If all things are equal, you have to assume that the natural gas markets will get quite a bit of upward pressure as the Europeans will have to come in and pick up natural gas to refill their stocks.

If we were to break down below the $2.00 level, there is a significant amount of support on the $1.80 level as well, but I think it would take something rather nasty to make the market drop down to that area. I have been using the ETF market, because it helps me get away from the leverage and therefore being able to hold on to this position longer than I might be able to do so in the futures market. If we can break above the $3.00 level, then it’s likely that we could go look into the 50-Week EMA above, near the $3.80 level. If we can break above there, then the 200-Week EMA is sitting right around the crucial $4.00 level.

Ultimately, I think you have to be a bit cautious, but it only looks as if we are trying to build some type of basing pattern that we can take off from for a bigger move later this year.

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