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Natural Gas Price Forecast: Bullish Reversal Signals Uptrend

By Published On: June 19, 20241.4 min readViews: 1390 Comments on Natural Gas Price Forecast: Bullish Reversal Signals Uptrend

Daily Close Above 2.92 Confirms

A rise and subsequent daily close above 2.92 will confirm the bullish breakout and the likely continuation of the rising trend. The 2.92 price level was the prior trend high from May 23. An advance above that price level will also put natural gas clearly back above the downtrend line. It if happens, the correction should be over and since it was relatively shallow with a quick recovery, it points to remaining underlying strength in demand for natural gas.

Trend Continuation Setting Up

Higher up is last Friday’s high of 3.00. A rise above that high would be needed to next to show improving upward momentum. Of course, the recent trend high of 3.16 is the more significant price level as a rise above it will signal a continuation of the rising trend.

Once natural gas closes above the downtrend line, it will be the second time (advance) that it has done so and therefore further confirms the bullish breakout above the line. It indicates that the trend is strengthening and improves the chance for a continuation to higher price levels. Initial upside targets that are above the prior trend high include the 3.39 price area and 3.64. Each was a prior swing high, and the second price was also the 2023 peak.

Support at 2.76 Needs to Hold

Alternatively, a downside break below 2.76 points to a test of lower support levels. The more significant lower target is the 200-Day MA, which is currently at 2.47. A test of support around the 200-Day line should see price rejected to the upside. Lower down from there is the 50-Day MA at 2.33.

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


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