Natural Gas Forecast Today - 25/07: Seeks A Floor (Chart)
Date
7/25/2024 3:07:27 PM
(MENAFN- Daily Forex)
It's easy to see that the market is perhaps a bit oversold. And I think ultimately, you've got a situation where traders will continue to pay close attention to the idea of taking advantage of cheap gas.
Although this is a time of year that's typically not very bullish, the reality is that traders look at it through the prism of building up for later this year. What I mean by this is that later in the year we will see more demand come into the marketplace for heating as places like Boston and New York start to see temperatures drop. It's through this prism that I am an investor, and therefore I get involved via things like ETF markets that don't have a lot of leverage applied to them.
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After all, you can get hurt rather rapidly if you are not careful in this market, as we have seen so much in the way of volatility, both up and down over the last few months. That should not be a big surprise. The candlestick for the trading session on Wednesday, of course, is a hammer and that is a bullish sign. And if we can recapture the $2.25 level, it's possible that we get a bit of follow through a Break Down..
If we break down from here, I would have to keep an eye on the $2 level because quite frankly, the large round figure aspect of it will attract a certain amount of attention in and of itself. I do think if given enough time, we will probably have to make a bigger decision. And I believe that decision, quite frankly, is going to be based on the idea that perhaps traders will start to build up a position based on the idea of the fall coming in a few months. So therefore, if you don't have leverage, you can hang on to the day to day moves without much in the way of concern, thereby putting money to work in something like a non-levered ETF, and just building as the market proves itself to have more upward momentum.
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