Natural Gas Forecast: Poised to Test $2.45

By Dean Rogers

November natural gas closed below major support at $2.63 Tuesday and then settled below $2.55, the 0.618 projection of the wave $2.859 – 2.592 – 2.72 Wednesday. Most waves that meet the 0.618 projection extend to at least the 1.00, in this case $2.45. Therefore, odds favor $2.45. This is a highly confluent target that is in line with this year’s $2.443 perpetual swing low. Many factors make $2.45 a potential stalling point. At minimum, we expect a pullback once $2.45 is met.

natural gas

First resistance for tomorrow is $2.55. Resistance at $2.59 should hold. The key level for the near term is $2.64. This is the 62 percent retracement of the decline from $2.742 and the 38 percent retracement from $2.859.

This is a brief natural gas forecast ahead of tomorrow’s EIA report. Our weekly Natural Gas Commentary is a much more detailed and thorough analysis. If you are interested in learning more, please sign up for a complimentary four week trial.

Published by

Dean Rogers, CMT

Dean Rogers, CMT is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer but has developed into Kase’s senior technical analyst. He writes Kase’s award-winning weekly Crude Oil, Natural Gas, and Metals Commentaries. He is an instructor at Kase's classes and webinars and provides all of the necessary training and support for Kase's hedging models and trading indicators for both retail and institutional traders.

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