Natural Gas Weekly Price Forecast – Natural Gas Rally Yet Again
Natural gas markets continue to rise on the back of the hurricane that hit the Gulf of Mexico again, indicating that gas production concerns remain. Ultimately, however, this is a time of year when the demand for crude oil should increase anyway. So I like the idea that buying dips should still work. It is evident that we have supported near the USD 2.40 level, just as we have resistance near the USD 2.80 level. If we have enough time, I think that while we break out to the top, we are building some kind of base to make it happen.
NATGAS Video 10/12/20
The most obvious barrier above is $ 3.00 which is of course a big, round, psychologically meaningful number. If to break that there would be a very bullish psychological pressure on the upside on the market, extending to the $ 3.25 level, maybe the $ 3.50 level. If we pull out of here, I think there will be a lot of support underneath that will further fuel this market in this time of year.
We are currently trading the November contract as the first month, so obviously there will be a lot more demand in the northern hemisphere this month. This will be the case in the future for the next contracts, so I am currently not interested in closing this market. Later, when we start trading the spring contracts, I will probably start short selling again, but right now this is very difficult.
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This article was originally published on FX Empire
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