Natural Gas Price Forecast Video for 22.02.23
Natural Gas Technical Analysis
Natural gas markets have drifted a bit lower during the trading session on Tuesday, as we continue to see a lot of negative pressure in general. Ultimately, this is a market that I think is going to get looking toward the $2.00 level, which is quite impressive considering that it seems like just yesterday we were closer to $10. Nonetheless, we are starting to see a lot of downward pressure in energy markets overall, and natural gas of course has the added rocket fuel due to the fact that the winter and the European Union has not been anywhere near as cold as feared, therefore it looks like the Europeans will be fine, at least for a while.
Rallies at this point in time will more likely than not be a nice selling opportunity, and therefore I think I will look for signs of exhaustion to jump on if we get that opportunity. I would not necessarily be selling all the way down here, even though I am sure we will probably continue to see plenty of sellers. After all, the market is oversold at this point, but given enough time I do think that eventually we should get an opportunity to get negative yet again.
The 50-Day EMA is close to the $3.55 level, and therefore I think that could be your “ceiling” in the market at this point. The $2.00 level underneath should be support, and I think a lot of people will continue to look at it through that prism going forward. If we were to break down below there, then I’m not real sure what to tell you that point.
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This article was originally posted on FX Empire