Yahoo Finance Natural Gas Price Forecast – natural gas markets do nothing on quiet session
Natural gas markets went back and forth during the trading session on Monday, as we continue to see a lot of choppiness in this market. Looking at the chart, there is an area of massive support at $2.50, an area that has been very important more than once. The market breaking down below there would of course be a very negative sign and could send this market down to the $2.25 level.
NATGAS Video 19.02.19
I suspect that we will probably rally given enough time though, and if we can break above the $2.75 level, perhaps reaching towards the $3.00 level. That’s an area that has a gap at it, and it’s very difficult to imagine breaking above there, but if we do I think there is plenty of resistance above at the $3.50 level as well. Quite frankly, I think it’s only a matter time before rallies offer selling opportunities and that’s probably the best way to play this market. I have no interest in trying to buy this market, although I do think that given enough time we will get the rally that is so desperately needed. We are oversold, and the fact that we are going sideways over the last couple of weeks suggest to me that we are trying to build a bit of a base and an opportunity to get a relief rally. Again, I have no interest in buying this market, only waiting to sell this market above at the first signs of exhaustion.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
