Natural gas prices may increase in the short-term due to bullish sentiment and potential price reversal.

From Investing.com: 2024-08-01 06:32:00

Analysis of hourly chart movements suggests a bumpy ride ahead for natural gas prices, with sentiments likely to shift after tonight’s inventory announcement. Expected injection level of 31 Bcf, up from 22 Bcf last week, could lead to bullish momentum if lower than predicted.

On the 1 Hr. chart, the 9 DMA crossing above the 18 DMA signals a potential price reversal, with natural gas futures possibly reaching $2.245 by August 5, 2024. Taking a long position with a stop-loss at $2 is recommended for short-term traders.

Bulls are holding their ground in the Daily chart, pointing to limited downside for natural gas prices. A projected decrease in injection levels tonight could fuel a rally in the first half of the month, providing a buying opportunity if prices drop to $2.



Read more at Investing.com: Natural Gas: Prices Could Jump in the Short-Term