Natural Gas Weekly Price Forecast – Natural Gas Plunges for the Week

Natural Gas Price Forecast Video for 13.11.23

Natural Gas Weekly Technical Analysis

Natural gas markets have fallen rather hard during the course of the trading week, falling down toward the $3.00 level, an area that should be significant support. The size of the candlestick is of course a very negative sign, but at the same time, there are a lot of questions as to whether or not we are going to have the cyclical trade anytime soon.

When you look at this chart, it’s easy to see that we had broken out pretty significantly during the past couple of months, so this pullback, albeit a bit rough this week, still makes quite a bit of sense considering that it was just a few months ago that we were down in the $2.50 range. Colder temperatures are coming, and that of course will drive up the idea of demand, therefore it’s likely that the market will continue to see upward pressure over the longer term. At this point, I’m waiting for signs of support that I can take advantage of, and therefore I think the longer-term traders are simply going to be looking for value. Whether or not we get it in the short term remains to be seen, but I certainly think that it could very well present itself.

The biggest problem that natural gas is facing at the moment is that people are finally waking up to the idea that there is a recession, but the lack of supply in the European Union this winter is going to be a major bullish sign for natural gas over the longer term, and therefore I think it’s probably only a matter of time before we do rally again. If we can break above the 50-Week EMA, or by extension take out the top of this candlestick, it’s very likely that natural gas will go looking to the 200-Week EMA next.

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