Natural Gas Weekly Price Forecast – Natural Gas Markets Have Wild Week

Natural Gas Weekly Technical Analysis

Natural gas markets continue to do everything they can to wreck accounts as we have been all over the place for the week yet again. The market gapped higher, and then broke down, only to turn around and find buyers again. The resulting candlestick is something kind of like a hammer, sitting just below the $7.00 level. The $7.00 level has a certain amount of psychology attached to it, but it also has been structurally resistant previously.

By the end of the week, it looks like we’re going to hang around the $6.50 level yet again, an area that I think is going to continue to be of importance. Underneath there, you have the $6.00 level, and then eventually the $5.00 level.

At this point, a lot of people are starting to pay close attention to the weather in the United States, which is supposed to be colder over the next several weeks, but at the same time you also have to pay close attention to the fact that the Freeport terminal is not going to be sending LNG to the European Union. This means that the hope of higher prices due to European demand is still on the sidelines.

The 50-Week sits right at the $6.45 level, so that’s an area worth watching as well, and quite frankly I don’t know how you could be comfortable trading this market from the longer-term, simply because it is so volatile at this moment. You are much better off trading short-term range bound trades, assuming that you should be trading at all.

Natural Gas Price Forecast Video for the Week of 14.11.22

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