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Natural Gas Price Forecast – Natural Gas Markets Continue to Rally

Natural Gas Technical Analysis

Natural gas markets have rallied a bit during the course of the trading session on Monday as we continue to plow higher. We broke above a neutral candlestick for the previous session, which of course is a positive sign. By breaking above the top of the candlestick, a certain amount of short covering had to happen. That being said, the $8.00 level has offered resistance, as the large, round, psychologically significant figure comes into the picture.

That being said, the market is more likely than not going to continue to be very noisy, as we continue to determine whether or not we can go higher. We gave up the gains above the $8.00 level, so if we do fall and break down below the bottom of the candlestick, then we could fall enough to form a bit of a head and shoulders. On the other hand, if we turn around and break above the top of the candlestick for the session, then we could go looking to reach the $9.00 level.

Keep in mind that the market is going to remain very volatile, so you need to be cautious with your position sizing. There are a lot of concerns about Europeans jumping into the US markets and buying up all of the energy, but I also believe at this point the volatility picking up the way it has typically will have people nervous. If we turn around a breakdown below the $6.50 level, it is likely that we break down quite significantly. More than anything else, make sure to keep your money management on point.

Natural Gas Price Forecast Video 17.05.22

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This article was originally posted on FX Empire

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