Quotes of Natural Gas continue to move within the growth and bullish channel. At the time of publication of the forecast, the price of Natural Gas is $8.79. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, which will indicate pressure from sellers and a continuation of the fall from current levels. At the moment, we should expect an attempt to develop a slight correction and a test of the support level near the 8.40 area. Further, the continuation of the growth of the gas rate to the area above the level of 9.95.
Natural Gas Forecast and Analysis September 6, 2022
An additional signal in favor of the growth of quotations and prices for Natural Gas will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the “Wedge” reversal pattern. Cancellation of the option of rising prices for natural gas will be a strong fall and a breakdown of the level of 7.90. This will indicate a breakdown of the support area and a continued fall in quotes to the area below the level of 6.45. Confirmation of the growth of quotations will be a breakdown of the support area and the closing of Natural Gas prices above the level of 9.35, which will indicate a breakdown of the upper boundary of the “Wedge” reversal model and the beginning of the pattern with targets at the top.
Natural Gas Forecast and Analysis September 6, 2022 suggests an attempt to correct and test the support level near the 8.40 area. Further, the continued growth of gas prices with a potential target above the level of 9.95. Cancellation of the option of raising the price of natural gas in the near future will be a fall and a breakdown of the level of 7.90. This will indicate a continued decline in quotes to the area below the level of 6.45.
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