Natural Gas Price Forecast – Natural Gas Markets Attempting To Bounce Again

Natural Gas Price Forecast Video for 08.12.23

Natural Gas Technical Analysis

Natural gas continues to be a very negative market, as the Thursday session saw a significant plunge lower. That being said, we have turned around, so the question now is whether or not we have found the bottom. I think that is still an open question, but clearly this is a market that is in a lot of pain. The idea that natural gas is abundant is working against them, but at the same time we have to pay close attention to the fact that a lot of traders are pricing in the idea of a massive recession.

From a technical analysis standpoint, we are near the 61.8% Fibonacci level, which of course attracts a lot of people due to the fact that the area previously has been supported, and of course we have seen this as an area that’s been important. Whether or not we can turn around remains to be seen, but we are most certainly oversold at this point.

That being said, markets are starting to get a little erratic when it comes to energy overall, and I don’t know how natural gas escapes this. Whether or not natural gas should be lower remains an open question, but at this point one has to think that sooner or later the sellers disappear. If we do break down below the bottom of this candlestick, then you are starting to think about the idea of $2.00 being the next target.

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