Natural Gas Weekly Price Forecast – Natural Gas Markets Get Hammered for the Week

Christopher Lewis
Published: May 26, 2023, 14:47 UTC

The natural gas markets have fallen significantly during the week, as we continue to bounce around in the same trading range.

Natural Gas, FX Empire

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Natural Gas Price Forecast Video for 29.05.23

Natural Gas Weekly Technical Analysis

Natural gas markets have fallen rather hard during the course of the week, testing the $2.50 level. Ultimately, this is a situation where the market will continue to see the $2.00 level offer support and the $3.00 level above offer resistance. All things being equal, you should also pay attention to the fact that the 50-Week EMA is getting ready to break down below the 200-Week EMA. All things being equal, this situation continues to look very range bound, but I think it’s easier to short this market than it is to go long with it.

Looking at this chart, I think that it’s probably a bit difficult for longer-term traders, but I would pay close attention to the candlestick for each week as a sign when we are ready to turn things around. After all, we have a situation where the Europeans will have to replenish their natural gas supplies for winter, and it’s probably only a matter of time before that gets seen in this market. With this, I think we’ve got a situation where longer-term traders may not have much to do in the short term, but longer-term could have a huge move if we can break above that $3.00 level.

As things stand right now, it’s all about hanging around and trying to figure out where we are going to go over the next couple of days, so anybody using the weekly chart is probably going to have some issues. However, once we break that $3.00 level, the market will likely continue to increase, as we could reach as high as $4 in relative short order.

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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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