U.S. markets closed
  • S&P 500

    4,432.99
    -40.76 (-0.91%)
     
  • Dow 30

    34,584.88
    -166.44 (-0.48%)
     
  • Nasdaq

    15,043.97
    -137.96 (-0.91%)
     
  • Russell 2000

    2,236.87
    +3.96 (+0.18%)
     
  • Crude Oil

    71.96
    -0.65 (-0.90%)
     
  • Gold

    1,753.90
    -2.80 (-0.16%)
     
  • Silver

    22.36
    -0.43 (-1.90%)
     
  • EUR/USD

    1.1732
    -0.0040 (-0.34%)
     
  • 10-Yr Bond

    1.3700
    +0.0390 (+2.93%)
     
  • GBP/USD

    1.3737
    -0.0059 (-0.43%)
     
  • USD/JPY

    109.8950
    +0.1770 (+0.16%)
     
  • BTC-USD

    48,222.99
    +1,061.73 (+2.25%)
     
  • CMC Crypto 200

    1,193.48
    -32.05 (-2.62%)
     
  • FTSE 100

    6,963.64
    -63.84 (-0.91%)
     
  • Nikkei 225

    30,500.05
    +176.71 (+0.58%)
     

Natural Gas Price Forecast – Natural Gas Continues to Struggle at Big Figure

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

The natural gas markets have fallen again during the trading session on Tuesday as the $4.00 level continues to be a major thorn in the side for traders. At this point in time, a little bit of a pullback makes sense due to the fact that it is such a significant and obvious level to pay close attention to. That being said, I do believe that there is plenty of support underneath that will come into the picture, especially as we approach the $3.80 level. That is where we had broken out from to get to the $4.00 level so it makes a certain amount of sense that we may have to “retest it” in order to be confident in the move higher.

NATGAS Video 28.07.21

Keep in mind that there is a massive heat wave in the United States right now, and that is driving up demand rather drastically. As long as that is going to be the case, it does make a certain amount of sense that this pair will continue to look to the upside over the longer term, but obviously there is probably a certain amount of profit-taking. Beyond that, the large, round, psychologically significant figure does come into effect as well, so I think certain people are going to be more than willing to take profits quickly.

When you look at the longer-term chart, we had previously been bouncing around between $2.40 on the bottom and $3.40 on the top, measuring for a move to the $4.40 level. Furthermore, we had recently formed a bit of a bullish flag, which also measures for a move to the $4.40 level. With all that being said, it does make sense that we will continue to try to get there.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE: