Category: Forex News, News
Natural Gas Price Forecast – Natural Gas Continues to See Pressures From Above
The time of year is typically bullish, not only due to the end of hurricane season, but the fact that colder temperatures are coming to the northeastern part of the United States. That of course drives up demand and therefore price. Keep in mind that the CFD that you are trading in the natural gas markets are based on futures contracts. And therefore, you’re actually thinking about winter at this point.
Short-term pullbacks, I do think find plenty of support near the $2.80 level, and then again at the $2.65 level. On the upside, I think that the $3.15 level will continue to be a little bit resistive, but I think we’re basically just digesting a lot of the gains that we’ve recently seen, and when you look at the action over the last two weeks or so, we have seen a shot higher, but it does look a little limp, so I think it wouldn’t take too much to cause the pullback to occur, which of course I think only ends up offering value.
For a look at all of today’s economic events, check out our economic calendar.
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