Natural Gas Price Forecast Video for 21.02.23
Natural Gas Technical Analysis
It was Presidents’ Day in the United States, so it does make a certain amount of sense that we would see a lot of choppiness, due to the fact that we were only open for limited hours, and of course volume will be an issue as well. Nonetheless, it’s obvious that natural gas simply cannot get off its back, and at this point we still have to figure out where the floor is. If we were to break down below the bottom of the candlestick, we could go down to the $2.00 level, but I would not get overly excited about that, because I think this market is starting to run out of momentum. That does make a certain amount of sense, especially if we are going to see more of a bottoming pattern, which I do think is very possible.
Eventually, this could be a nice buying opportunity, but it seems very unlikely at this point. Ultimately, the market could then go sideways as we try to figure out whether or not it is an accumulation possibility, or if just simply a market that is running out of momentum. Ultimately, we are heading into the spring, suggesting that the demand for natural gas is going to continue to be late to say the least. Furthermore, we also have to keep in mind that industrial demand may be somewhat lower as well, if we are going to see a slowdown in general as far as the global economy is concerned. With the lack of need for heating, and the lack of need for industrial demand, then that obviously works against that gas in general. Rally should be sold into.
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This article was originally posted on FX Empire