Yahoo Finance Natural Gas Price Forecast – natural gas opens the week with momentum
Natural gas market look rather healthy to kick off the week on Monday, as the US dollar fell. The market approached the $2.95 level, an area that has been resistance before. I believe that the market will probably continue to find reasons to press higher, perhaps reaching towards the $3.00 level. I think that level will continue to be important though, and I would be a bit surprised if we can break above there. In the short term, I think the market will try that level that every time we get there, it’s pummeled by fracking companies that are suddenly very comfortable selling at those levels. Because of this, I think we will continue to see a lot of selling in that region, so although I think we do go higher, I believe that we are probably going to see somewhat limited gains. I think it’s probably easier to sell at the $3.00 level than it is to buy at these levels, so I remain on the sidelines. However, if you are short-term scalper, this market has done quite well for you over the last several days as we see such interest at the $2.90 level underneath from the long side.
I believe that the market will continue to see a lot of volatility, and if you have the ability to sit at your computer and trade short-term charts, this might be one of the better markets out there for you to deal with.
NATGAS Video 21.08.18
This article was originally posted on FX Empire
