Natural Gas Price Forecast – March 24, 2021

Natural Gas Technical Analysis and Near-Term Outlook

Not a lot changed for natural gas today. The move down is hesitant to definitively take out $2.50. However, the waves and subwaves down from $3.06 still favor a continued decline to $2.40 and possibly $2.30. Taking out $2.50 will clear the way for $2.45 and then $2.40 during the next few days.

Natural Gas - $0.025 Kase Bar Chart
Natural Gas – $0.025 Kase Bar Chart

With that said, $2.50 is in line with the 50 percent retracement of the rise from $2.422 and held on a closing basis today. Also, today’s doji dampens near-term odds for a continued decline. Should natural gas overcome $2.56 early tomorrow look for a test of key near-term resistance at $2.61. Settling above $2.61 will call for a larger correction to challenge $2.67 before the decline continues as expected.

This is a brief analysis for the next day or so. Our weekly Natural Gas Commentary and daily updates are much more detailed and thorough energy price forecasts that cover key natural gas futures contracts, calendar spreads, the UNG ETF, and several electricity contracts. 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 President of Kase and Company, Inc. He oversees all of Kase's operations including research and development, marketing, and client support. Dean began his career with Kase in early 2000 as a programmer but developed into Kase’s senior technical analyst and became President of the company in January 2024. 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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