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Natural Gas Price Forecast – Natural Gas Markets Bounce on Tuesday

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Natural Gas Technical Analysis

Natural gas markets have rallied a bit on Tuesday to show signs of life, breaking back above the $6.50 level. This is an area that has been previous support and resistance, so will it is a little bit of a victory for the bulls. That being said, we have seen a massive decimation of the natural gas market, and there’s no reason to think that the selling pressure was for no reason. After all, the market no longer is focusing on the idea of massive LNG exports to the EU, as the Freeport terminal is still being repaired.

The micro double bottom that we formed over Friday and Monday suggests that there is a little bit of buying pressure just above the $6.00 level, but I think it is probably only a matter of time before we see it broken through to the downside. Ultimately, I think this is a market that will continue to see plenty of exhaustion that people can jump upon, as the game in the commodity markets has changed completely. In fact, the only one standing at this moment is the crude oil markets, as commodities across the board have been hammered.

What this tells me is that we are getting ready for a global slowdown, and demand for commodities will certainly shrink. Furthermore, Germany and some of the other countries in the European Union have now switched from natural gas to coal and even nuclear, and therefore it makes quite a bit of sense that natural gas will not continue to go higher as it did, as one of the main drivers of higher pricing has disappeared.

Natural Gas Price Forecast Video for 29.06.22

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This article was originally posted on FX Empire

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