Natural Gas Weekly Price Forecast – Natural Gas Markets Rally for the Week

Natural Gas Price Forecast Video for 24.07.23

Natural Gas Weekly Technical Analysis

Natural gas markets have rallied significantly during the week, showing signs of life again as it looks like we are ready to continue reaching toward that crucial $3.00 level. The $3.00 level being taken out to the upside opens up the possibility of a move to the 50-Week EMA, closer to the $3.70 level. All things being equal, this is a situation where the market has been building a base for a while, and I do think that eventually we break out.

Underneath, I see the $2.50 level as a support level, and then of course down to the $2.00 level which is the absolute “bottom in the market.” All things being equal, when you look at this market, it seems that it is only a matter of time before we go higher. The market continues to build pressure due to the idea that the Europeans will have to replace their natural gas stocks heading into the winter. After all, the Russians are not going to be supplying, and the Europeans will have to come get liquefied natural gas from the United States. In other words, they are going to push the market much higher. All things being equal, a short-term pullback offers value, and I just don’t see an argument for shorting this market as we had blown the market up previously.

In general, this is a market that will eventually break out, and if we do break above the $3.00 level, I suspect that you would see a lot of FOMO coming into the market. In that scenario, I would anticipate a huge move. At this point, dips continue to get bought into, as they offer value.

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