Natural Gas Price Forecast – Natural Gas Markets Continue to Try to Recover

·2 min read

Natural Gas Technical Analysis

Natural gas markets have rallied a bit during the trading session on Wednesday to break above the $6.75 level. The $6.75 level is a minor area of interest, and as a result, it’s very likely that we will see sellers again. The 50-Day EMA is at the $7.40 level and dropping, assuming that we can even get to that upside. Ultimately, this is a market that I think has sold off quite drastically, due to the fact that the United States cannot produce enough LNG for the European Union, something that should have been known to begin with. That being said, markets get out of control at times, and this was a perfect example.

The recent balance from the $6.06 level should end up being a short-term support level, but I think it’s much more important to pay attention to the $6.00 level. The 200-day EMA is at $5.82 and flattening out. I do think that it is only a matter of time before the market tried to get down there. Rallies at this point in time continue to be selling opportunities, and therefore I have no interest in buying natural gas.

As things go forward, I believe that this market will continue to drop, because quite frankly with the Europeans switching back to coal and nuclear, it’s difficult to imagine that natural gas markets are going to continue to get the same kind of boost that they have had previously. Furthermore, the markets are starting to focus on the possibility of a global slowdown, which works against this market.

Natural Gas Price Forecast Video for 30.06.22

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This article was originally posted on FX Empire


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