Yahoo Finance Natural Gas Price Forecast – Natural Gas Markets Find Support
Natural gas markets have rallied a bit during the trading session on Wednesday, reaching towards the 200 day EMA before pulling back just a bid. By doing so it looks as if the market continues to find sellers above, but it obviously is continuing to find buyers below. The $2.50 level is psychologically important, and I would also point out that there is a major gap underneath there that has yet to be filled, so even if we do pullback from here, I think it’s only a matter of time before we rallied again.
NATGAS Video 21.11.19
However, if we were to break above the 200 day EMA I think that it’s likely that the market could go to the $2.75 level where the next Is. Break above that Allows this market to go much higher, as we continue to “sawtooth” higher. Sooner or later, the cold temperatures will overcome supply in the United States, and of course it will send prices higher. This has been a very stubborn market so far, but as temperatures have been falling in America, we will sooner or later see this market break towards the upside. At this point, if the market was to reach towards the $3.00 level, I would anticipate a lot of noise there as well as it is a large, round, psychologically significant figure. Clearing that level could allow for the “blow off top” that we quite often get later in the year. At this point I still like the idea of buying short-term pullbacks.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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