Canada Markets close in 3 hrs 40 mins
MARKETS LIVE BLOG:

STOCKS PULL BACK AS INVESTORS PONDER FED'S RATE PATH

Dell Technologies will axe about 6,650 jobs, or roughly 5% of its global workforce

Natural Gas Price Forecast – Natural Gas Markets Continue to Look Weak at Best

Christopher Lewis
·2 min read

Natural Gas Price Forecast Video for 25.01.23

Natural Gas Technical Analysis

Natural gas markets have struggled a bit during the trading session on Tuesday, as we cannot find any momentum, regardless of temperatures in the United States. At this point, if we do rally, the $4.00 level almost certainly offer a bit of a barrier, followed by the 50-Day EMA at the $4.72 level.

Ultimately, I think this is a situation where you were looking for rallies that you can fade. Markets are very quiet, and that suggests that perhaps there is a bit of a lack of interest, or perhaps even a potential accumulation phase. Nonetheless, there’s no real desire by most traders to get involved, but it still remains a “fade the rally” type of situation. If you are short-term trader, then you start to look at this through the prism of a range bound market with plenty of negativity. If you are a bit more of a swing trader like me, then you are waiting for a bounce toward the $4.00 level, or the aforementioned 50-Day EMA.

If we do break down from here, the $3.00 level should be a significant amount of support and breaking down below there would be yet another crushing move for anybody who is even remotely bullish. It’s difficult to imagine how you would be at this point, but it’s obvious that the market is oversold, so that’s probably the only real significant amount of reasoning for bullish pressure would be a short covering rally. Short covering rallies are quite brutal most of the time, so perhaps that might give us an opportunity to start shorting again.

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

This article was originally posted on FX Empire

More From FXEMPIRE:

Latest Stories