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Natural Gas Weekly Price Forecast – Natural Gas Markets Shoot Straight Up

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·2 min read
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Natural gas markets have gapped lower to kick off the week, only to turn around and shoot straight up in the air. Ultimately, the market has broken above the $3.00 level, which of course is a large, round, psychologically significant figure. This shows that we are going to continue to go much higher, and it is also worth noting that we are closing towards the top of the candlestick. At this point, pullback should continue to be buying opportunities, as we have clearly entered in the high demand season. This happens every year, and it is only a matter of time before we spike in the eight interim, only to sell off drastically once we start focusing on spring contracts.

NATGAS Video 26.10.20

The size of the candlestick is rather impressive, and it certainly shows that dips will be bought into, as demand is only going to get stronger. After all, the candlestick is the biggest one we had in well over year, and it is likely that we will go towards the $3.50 level. However, you cannot simply jump into it and start putting tons of money at risk but drilling down to shorter time frames and taken advantage of value as it is offered is most certainly going to be the best way forward.

The $3.50 level course is the initial target, but it is also possible that we go looking towards the $4.00 level as it has previously been important. Overall, I have no interest in shorting this market as we will continue to see demand pick up and by extension price.

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

This article was originally posted on FX Empire

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