During the trading session, natural gas markets gained a little, testing the top of the overall inverted hammer from Monday. If we can break through that level, it's extremely likely that we'll go higher, possibly reaching the $6.00 level. After all, natural gas is not an oversupplied market right now because, quite simply, we haven't seen much in the way of production, and, of course, both the hurricane and the flooding had a major impact on output. Given this, and the reality that temperatures are only going to get colder, it's only natural that we keep climbing higher. In fact, it appears like the $6.00 level, and maybe $6.50 after that, will be the most likely goal.
NATGAS Video 03.11.21
The 50 day EMA has provided support a few times in a row, therefore I believe the trend will continue. However, the market will most likely continue to pay special attention to this indication because it is not only visible but is also curling upward. Before all is said and done, I believe natural gas might reach a new high this winter.
At this moment, it's extremely improbable that the market would break below the $5.00 level, which is a large, round, psychologically significant figure that may open the door to selling down to the $4.50 level. Going forward, that is the least likely option, but you must keep it in the back of your mind at this moment.
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