Nymex Natural Gas futures slipped further underwater in Wednesday's trading session to retest the multi-year lows set at the beginning of January. This price action confirmed an earlier breakout pattern identified on the Autochartist 15-minute time frame. With oil futures continue hovering at or above $100 a barrel and a strong energy sector overall, these sell-offs in natural gas may be establishing a long term bottom at these levels.

As the price appears to be strengthening at the upper end of the forecast range, this technical sell-off may prove that there is a lack of selling pressure at these levels. Speculative buyers may then enter the market quickly, setting stop-loss orders below the previous bottom. This would be a low-cost entry point to establish new long term positions in case this does prove to be a major cyclical low for natural gas.

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