MTECHTIPS:-Natural Gas Price Forecast March 9, 2018, Technical Analysis

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MTECHTIPS:-Natural Gas Price Forecast March 9, 2018, Technical Analysis

MTECHTIPS-Natural gas markets fell significantly during trading on Thursday, reaching down towards the $2.75 level where we found a bit of stability. Because of this, I think we will continue to see this market try to rally after the recent bloodbath in the natural gas markets. Colder temperatures are in effect in the northeastern part of the United States, so that could continue to drive prices a bit higher. However, I would anticipate seeing a lot of resistance near the $3 handle and would be more than willing to short any type of rally that show signs of exhaustion. A break above the $3 level that has me looking at the $3.20 level is the next potential shorting area. For those of you who are short-term incline, you may be willing to pick up this market for small trades, but for myself I am much more comfortable playing the bigger macroeconomic picture when it comes to this. I think that the oversupply of natural gas will continue to be a major issue, especially now that we are getting away from the colder temperatures in places like New York and Boston. In the meantime, though, we do have a nasty winter storm that should drive demand higher, so I think a lot of short-term traders are taking advantage of this. I believe that only it is only a matter of time before the sellers come back on any rally and that’s how I choose to trade this market. It takes a certain amount of patience to take advantage of this type of move, so that of course will be paramount

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