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Tuesday, 05/10/2022 11:39:09 AM

Tuesday, May 10, 2022 11:39:09 AM

Post# of 10923
Natural Gas Price Forecast – Natural Gas Markets Find Support
By: Christopher Lewis | May 10, 2022

• Natural gas markets have been pummeled over the last couple of days but have bounced from exactly where I was hoping to see a decision made.

Natural Gas Technical Analysis

Natural gas markets have fallen hard during the trading session again on Tuesday to reach the crucial $6.50 level. I have been talking about this area for a while, suggesting that it was where the “market memory” could come into play. The fact that we have bounced from here is a very bullish sign, especially if we can close somewhere near the $7.00 level. The market breaking above the top of the range for the candlestick on Tuesday would be a classic technical analysis signal to start buying. At that point, we could race back to the top.

On the other hand, if we break down below the 50 Day EMA, which would by extension break the bottom of the candlestick would open up a selling opportunity down to the $6.00 level, and then the $5.00 level after that. At this point, it is essentially going to be a bit of a “binary setup”, meaning that we will more than likely be able to place a trade based upon which side of the candlestick we break.

The markets are suggesting that volatility is stepping up, which is typically bad for a market over the longer term, but in the short term it is obvious that we are going to see a lot of momentum in this market in both directions, so I think you need to be cautious about your position size. Obviously, this is a market that has been very strong, but the question now is whether or not the export market in the United States can keep up with the demand that people are suggesting that the European Union is going to be throwing at it.

https://www.fxempire.com/forecasts/article/natural-gas-price-forecast-natural-gas-markets-find-support-5-996230" rel="nofollow" target="_blank" >Read Full Story »»»

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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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