MTECHTIPS:-Natural Gas Price Forecast March 23, 2018, Technical Analysis

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MTECHTIPS:-Natural Gas Price Forecast March 23, 2018, Technical Analysis

MTECHTIPS- Natural gas markets tried to rally during the day on Thursday but failed miserably as the $2.68 level offered far too much in the way of resistance. By rolling over the way it did, it shows the clearly the buyers have no wherewithal in this market. I think that the market will continue to respect several resistance levels above, as the oversupply of natural gas will continue to be a major issue. Beyond that, we are starting to leave the cold temperatures in the northeastern part of the United States, and the latest winter storm wasn’t nearly as bad as feared. Because of this, natural gas traders sold off yet again The $2.68 level proved to be far too resistive to continue going higher, but I think there is even more resistance at $2.70, and most certainly at $2.80 where we had seen the market repelled yet again. The $2.60 level underneath is massive support that extends down to the $2.50 level, so this can be difficult to break down through there. I think the best way to play this market is to sell rallies as they appear, at the first signs of exhaustion. I think that’s going to continue to be the theme

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