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

Natural Gas Price Forecast Video for 31.07.23

Natural Gas Technical Analysis

Natural gas markets have pulled back just a bit during the trading week, showing signs of life underneath at the $2.50 level. Ultimately, natural gas markets look as if they are trying to build up enough momentum to take out to the upside. If the market can break above the $3.00 level, then it’s likely that we could go much higher. If we break above the $3.00 level, then the market is likely to go looking to the 50-Week EMA.

If we were to turn around and break down below the $2.50 level, then it’s likely that the $2.00 level opens up the possibility of a significant “floor in the market.” Regardless, this is a market that I think continues to see a bit of a buildup and therefore will see an explosive move to the upside. After all, the market is likely to continue to see a lot of volatility, but eventually we will have to see a move to the upside due to the cyclical nature of this market, and of course the fact that the Europeans will have to build up their natural gas supplies heading into the winter. Because of this, it’s very likely that we will eventually see a push to the upside. Once we break above the $3.00 level, we will probably see a bit of a “FOMO trade.”

As far as how high we can go, it’s possible that we could reach the 200-Week EMA, and then again we could even go higher to reach the $5.00 level, an area that previously had been significant support and therefore could have a bit of “market memory” come into the picture.

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