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Natural Gas Price Forecast – Natural Gas Shows Signs of Support

Christopher Lewis
·2-min read

Natural gas markets initially gapped higher but then pulled back to fill that gap. By doing so, we ended up turning around to form a supportive looking candlestick, where it looks like we are ready to go higher. At this point, the 50 day EMA is just above and could cause a little bit of resistance but ultimately I do think that eventually we break above there as the trend is most decidedly to the upside and we have just filled a major gap on the chart.

NATGAS Video 24.11.20

If we break above the 50 day EMA, then we will go looking towards the gap just above the $3.00 level, and perhaps even break above there. At this point in time, the market then goes looking towards the $3.20 level, which is a scene of resistance. All things been equal though, I do believe it is only a matter of time before we break to the upside and continue to go towards the $3.40 level. That is the most recent high, and we obviously will see some resistance, so I do think that we are looking at a scenario where we are going to retry that due to the fact that the contract that traders are looking at right now in the futures market is the January contract which of course is a major demand season for natural gas.

Obviously though, as we get away from the winter months, we will start to see sellers again. Having said that, it certainly looks at this point in time that we still have at least one more leg higher given enough time.

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

This article was originally posted on FX Empire

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