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Natural Gas Weekly Price Forecast – Natural Gas Markets Give Up Gains for the Week

By:
Christopher Lewis
Published: Mar 17, 2023, 16:01 GMT+00:00

Natural gas markets have initially tried to rally during the course of the trading week but continue to see a lot of overhead resistance.

Natural Gas, FX Empire

In this article:

Natural Gas Price Forecast Video for 20.03.23

Natural Gas Weekly Technical Analysis

Natural gas markets have initially tried to rally during the course of the week, but at this point in time it’s likely that we will continue to see quite a bit of overhead noise. After all, we ended up forming a bit of an inverted hammer, so that does suggest that perhaps there’s just not enough momentum to get moving. At this point, I think it’s very likely that we continue to see a lot of sideways action, as we seem to have a bit of a barrier near the $3.00 level, and the $2.00 level underneath. In other words, we may have nowhere to go and therefore longer term traders will probably struggle a bit.

If we do break out of this range, then obviously that could be a sign that we are ready to have a bit of the swing trade, perhaps with the move toward the $4.00 level. That is also where the 200-Week EMA currently resides, and it looks like we are dropping down currently. On the other hand, if we break down below the $2.00 level, then the market is likely to go down to the $1.80 level, but I don’t necessarily think that is the likeliest of scenarios.

As we are heading into warmer temperatures for the northern hemisphere, it’s likely that the price of natural gas will be suppressed simply due to a lack of demand. Furthermore, if there is a global slowdown coming, it’s possible that it will drive down demand from an industrial side as well. Quite frankly, I think we probably spend most of the rest of the year consolidating and trying to figure out whether or not we can rally next winter.

For a look at all of today’s economic events, check out our economic calendar.

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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