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Natural Gas Markets Recover After Initial Selloff

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DiscoverGold Member Level  Wednesday, 07/28/21 01:58:01 PM
Re: None
Post # of 6050 
Natural Gas Markets Recover After Initial Selloff
By: Christopher Lewis | July 28, 2021

• Natural gas markets have broken down significantly during the course of the trading session only to show signs of life again.

Natural gas markets fell significantly during the course of the trading session on Wednesday to reach towards the $3.82 level, before turning around and showing signs of strength again. That being the case, the market looks as if it is primed to attack the $4.00 level again, which of course attracts a lot of attention in general. All things being equal, the market is likely to continue to see a lot of choppiness in this general vicinity, but it should note that we test the top of the previous consolidation area to turn around and show signs of life.

If we can break above the highs from a couple of days ago to make a fresh, new high, then the market is likely to go much higher to reach towards the $4.40 level, which I have projections of based upon the previous consolidation between the $2.40 level on the bottom and the $3.40 level on the top. That measures for that move, just as the bullish flag that we had broken out of significance as well.

In general, this is a market that I think is a “buy on the dips” type of situation more than anything else, and that of course has been the way this market has run for several months. As we continue to have a major heat wave out west in the United States, that makes quite a bit of sense that demand will continue to pick up for natural gas. Furthermore, should also keep in mind that the commodity markets in general have been booming and that of course has had a bit of a “knock on effect” over here in the natural gas market.

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