Weekly Natural Gas Price Prediction – Natural Gas Markets Seeking a Bottom

Throughout the course of the week, natural gas markets have dropped to the $2.00 level. Despite this, it appears that we could experience a short-term uptick.

Throughout the course of the week, natural gas markets have declined slightly, with prices plummeting toward the $2.00 level, an area with a great deal of psychological significance. Especially considering that the weekly candlestick resembles a hammer, this indicates that a short-term rebound is possible. The market’s breach above the hammer’s peak then allows for the possibility of a recovery. Alternately, the $3.00 level is somewhat of a short-term barrier, and it will be fascinating to see if a short-term rally exhausts itself. Ultimately, this should be an excellent sales opportunity.

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If the price falls below the $2.00 level, it is probable that it will reach the $1.80 level. On shorter-term charts, the $1.80 level has acted as support in the past. However, I believe that an oversold condition will persist even if the market lacks a compelling reason to advance. Ultimately, I believe the market is about to enter a consolidation phase, with $2 below serving as support and $3 above as resistance.

Ultimately, this is a market that I believe will continue to be boisterous more than anything else, and it is likely that we will have to see the majority of trade setups on daily charts rather than weekly charts, as it is highly unlikely that weekly candles will provide a favorable risk-to-reward ratio.

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