Natural Gas Weekly Price Forecast – Natural Gas Markets Pulled Back for the Week

Natural Gas Price Forecast Video for 21.08.23

Natural Gas Weekly Technical Analysis

Natural gas markets have fallen during the course of the week, as it looks like we are going to continue to consolidate overall. With this being the case, I do think it’s probably only a matter of time before we turn around and rally, and break above the $3.00 level. Once we break above the $3.00 level, then it’s likely that we go much higher. In fact, that point I think we probably go closer to the $5.00 level.

Underneath, the $2.00 level continues to be the absolute “floor in the market” from what I can see, and therefore I am very cautious about getting very aggressive to the short side, and in fact I look at this through the prism of a major basing pattern that takes quite a bit of time to get long. All things being equal, the market continues to be one that I think you can dip your toe in, but you don’t necessarily want to expand your position too rapidly, and I think that this is one of those deals where you probably make most of your body as the summertime ends.

If we were to somehow break down below the $2.00 level, I’m not even sure what I would say at that point because it’s essentially natural gas would be given away. All things being equal, this is a market that if you are cautious enough, you will eventually benefit, but you cannot have a huge levered position. You need to be cautious about getting aggressive, at least until we break above the $3.00 level which would be a major breach of resistance.

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