Natural Gas Weekly Price Forecast – Natural Gas Markets Give Up Early Gains for the Week

Natural Gas Weekly Technical Analysis

Natural gas markets have rallied significantly during the week to break above the $9.00 level, showing continued bullish pressure. However, both the Wednesday and Thursday candlesticks were shooting stars, suggesting that perhaps we are due for some type of pullback. Friday started to see a continuation of that selloff, but when you look at the weekly chart, it’s obvious that we are still in a very bullish market.

A pullback is probably the best thing that the bulls could see because it will attract more buyers to jump in and join the fray. However, this week it was announced that both Germany and Italy will be buying Russian natural gas using rubles. (It’s actually a loophole, but at the end of the day it accomplishes the same thing.) Because of this, I think this is a situation where we are starting to get close to the end of the run, but obviously, I do not want to be the first person to try to short this market.

The $8.00 level should offer a little bit of support, and I believe that the $7.00 level underneath there would be support as well. If we start to see more European countries buy Russian natural gas, that will be the end of what we are seeing right here. It will take a little while, but at the end of the day, the market is likely to see a lot of noisy behavior in the short term because quite frankly volatility is out-of-control. Because of this, it’s going to be difficult to be a longer-term trader but eventually, we will get a massive selling opportunity that could make careers.

Natural Gas Price Forecast Video 30.05.22

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