Energy News Today

Natural Gas Price Forecast – Natural Gas Markets Form Bullish Harami

Natural gas markets have gapped just a little bit higher during the trading session on Thursday and then went back and forth. The candlestick ended up forming a bullish harami, thereby suggesting that perhaps the uptrend line may hold. Ultimately, if we break above the top of the range for the Thursday session, I will start buying as we could go towards the $5.25 level. After that, then the market is likely to go looking towards the $5.50 level.

NATGAS Video 19.11.21

Keep in mind that we are still trading the December contract, so it does suggest that we continue to see a lot of upward pressure. The market has been very noisy for a while, and at this point we need to decide whether or not we are going to continue the upward trend. I do think it is more likely than not we do, but I also recognize that we probably have some work to do to make that happen. If we were to turn around a break down below the $4.50 level, that would be a very negative turn of events.

All things been equal, I think this is a market that is more of a “buy on the dips” situation, but that does not mean that it has to be easy. After all, a lot of the “easy money” has already been made in natural gas. When you look at this chart, you can see that we have formed a little bit of a topping pattern, so a break down from here would probably be very negative to say the least.

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

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2021-11-18 19:01:00

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