Natural Gas Weekly Price Forecast – Natural Gas Markets Give Up Early Gain

Natural Gas Price Forecast Video for 13.02.23

Natural Gas Weekly Technical Analysis

The natural gas markets initially rallied during the week, but showed signs of exhaustion almost immediately. In fact, the market looks as if it’s forming an inverted hammer for the week, and that does suggest that we have quite a bit of downward pressure. If we were to break down below the bottom of the hammer, then it’s likely that we could go down to the $2.00 level. A break above the top of the candlestick is a bullish sign, but I think it would be short-lived at best.

Quite frankly, I would like to see this market rally so that I can sell it. At the first signs of exhaustion, I will start shorting again, but right now we need to have some reason for the bear market rally to happen. At the first signs of exhaustion on a weekly candlestick, I suspect that a lot of longer-term traders will be shorting as well. However, if we break down below the bottom of the candlestick, you could see another “FOMO” trade or leg lower coming.

All of that being said, the market has been sold off so drastically that it’s difficult to get overly aggressive to the short side at this point. I would like to find some type of value in US dollars, and therefore will need to see this market make one hell of a move. The 200-Week EMA is near the $4.40 level, so I think somewhere between the $4.00 level and that level will more likely than not end up being a zone of resistance. All things being equal, this is a market that I have no interest in buying anytime soon.

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