Natural Gas Weekly Price Forecast – Natural Gas Markets Looking for a Bottom
Natural Gas Price Forecast Video for 03.04.23
Natural Gas Weekly Technical Analysis
Natural gas markets have fallen a bit during the course of the week, plunging toward the $2.00 level, an area that obviously has a lot of psychology attached to it. It suggests that we may get a little bit of a short-term bounce, especially as the weekly candlestick is somewhat of a hammer. The market breaking above the top of the hammer then opens up the possibility of some type of recovery. Alternatively, the $3.00 level is a bit of a short-term barrier, and it’ll be interesting to see if there is some type of exhaustion on a short-term rally. After all, that should be a nice selling opportunity.
If we do break down below the $2.00 level, then it’s likely that we could go down to the $1.80 level. The $1.80 level is an area that we would see previous support on shorter-term charts, but ultimately, I think this is a situation where we will continue to see an oversold condition that even if the market may not have any real reason to move further. Ultimately, I think we are getting ready to head into some type of consolidation area, perhaps using $2 underneath as support, and $3 above as the ceiling.
Ultimately, this is a market that I think will continue to be noisy more than anything else, and it’s likely that we will have to see most trade setups on perhaps the daily charts of the weekly chart, because it’s very unlikely that we do not have a good risk to reward ratio using weekly candles.
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