Natural gas markets rallied a bit during the trading session on Tuesday early in the electronic session but gave back the gains to form a less than desirable bullish candlestick. By doing so, it shows that the market is perhaps getting a little bit “heavy” at the moment, perhaps ready to pull back and offer a bit of value. The natural gas markets have gotten a bit ahead of themselves so at this point I think it makes quite a bit of sense that we will continue to see noise at this point. After all, natural gas markets have had an explosive move to the upside and sliced through the 200 day EMA like it was not even there.
NATGAS Video 12.08.20
With the falling US dollar, it makes sense that we would perhaps continue to see commodities rise, and natural gas is obviously going to benefit from that. That being said, I do like the idea of buying this market on some type of dip, especially if we pull back towards the $2.00 level. To the upside, I think that the $2.40 level will probably be the next target, and as many of the companies around the United States look ripe for bankruptcy, it should not be a huge surprise to suggest that perhaps traders are trying to step in front of the potential shortfall of supply. Beyond that, we are trading the September contract now, which of course is the beginning of cooler weather in North America. With all that being said, I think we continue to go higher given enough time.
"heavy" - Google News
August 11, 2020 at 10:33PM
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Natural Gas Price Forecast - Natural Gas Markets Look Heavy - FX Empire
"heavy" - Google News
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heavy
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