Yahoo Finance Natural Gas Weekly Price Forecast – Natural Gas Markets Rally Again
Natural gas markets have rallied during most of the week, giving up a little bit of the gains closer to the $1.90 level. However, this has been a rather impressive move I think it is only a matter of time before we see some type of pullback in order to build up the necessary momentum. I think that the $2.00 level will be a significant barrier based upon the fact that it is where we see both the 50 week EMA and the 200 day EMA.
However, I think it is likely that we will see quite a bit of noise in the process. Right now, it looks as if the $1.50 level is going to be a massive support level as we have formed a bit of a “double bottom” as of late. Furthermore, when you look into the past, the $1.50 level has been crucial more than once. With that in mind I like the idea of using it as a bit of a “floor” in the market.
NATGAS Video 13.07.20
Higher temperatures in the United States are helping propel natural gas prices higher, but of course we are also seeing quite a bit of bankruptcies when it comes to drillers and suppliers, as the pricing power of natural gas has been all but decimated. Ultimately, I think that is going to continue to be the story here, as the market gets flushed out and we start to see the stronger players take control again. Short-term rally to the $2.00 level makes sense, possibly even as high as $2.50 before seen selling again.
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This article was originally posted on FX Empire
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