Natural Gas Weekly Price Forecast – Natural Gas Markets Show Resiliency for the Week

Natural Gas Price Forecast Video for 18.12.23

Natural Gas Weekly Technical Analysis

Natural gas markets initially plunged during the trading week but have turned around to show signs of life again. All things being equal, if we are going to end up forming a hammer for the weekly candlestick, it’s obviously a very bullish sign. At that point, if we were to turn around and break above the $2.50 level, then we could go looking to the 20-Week EMA which is closer to the $2.75 level. If we can break above there, then the market likely goes to the $3.00 level after that.

That being said, if the market were to pull back into the candlestick, I think there should be plenty of value hunters willing to get involved, but I would also suggest that this is a market that is finding its bottom, so it’s probably only a matter of time before we turn around. All things being equal, this is a market that is trying to find its winter range, and I think we found the bottom again, and the top looks to be somewhere near the $3.00 level.

You are going to have to keep an eye on the latest news out of Europe and natural gas supply, and of course to the weather in the United States as it has a major influence on what happens with the natural gas markets. Because of this, you can expect a lot of volatility, but that’s nothing new for natural gas. Keep your position size reasonable and recognize that this is a very dangerous market to say the least as we have seen a lot of shaking out of traders of the last month or so.

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