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Natural Gas Continues to Struggle at Big Figure

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DiscoverGold Member Level  Tuesday, 07/27/21 01:02:06 PM
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Natural Gas Continues to Struggle at Big Figure
By: Christopher Lewis | July 27, 2021

• The natural gas markets fell rather hard during the trading session on Tuesday as the $4 level of course attracts a lot of attention.

The natural gas markets have fallen again during the trading session on Tuesday as the $4.00 level continues to be a major thorn in the side for traders. At this point in time, a little bit of a pullback makes sense due to the fact that it is such a significant and obvious level to pay close attention to. That being said, I do believe that there is plenty of support underneath that will come into the picture, especially as we approach the $3.80 level. That is where we had broken out from to get to the $4.00 level so it makes a certain amount of sense that we may have to “retest it” in order to be confident in the move higher.

Keep in mind that there is a massive heat wave in the United States right now, and that is driving up demand rather drastically. As long as that is going to be the case, it does make a certain amount of sense that this pair will continue to look to the upside over the longer term, but obviously there is probably a certain amount of profit-taking. Beyond that, the large, round, psychologically significant figure does come into effect as well, so I think certain people are going to be more than willing to take profits quickly.

When you look at the longer-term chart, we had previously been bouncing around between $2.40 on the bottom and $3.40 on the top, measuring for a move to the $4.40 level. Furthermore, we had recently formed a bit of a bullish flag, which also measures for a move to the $4.40 level. With all that being said, it does make sense that we will continue to try to get there.

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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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