The natural gas markets fell slightly during the session on Monday as the traders simply cannot get excited about the prospects of this commodity overall. The supply continues to drown the demand as the new practices available has increased supply exponentially.
The recent price action suggests that perhaps the market is taking a well-needed break, but the $2.30 level seems to be the key at this point. The breaking of this level on a daily close will almost certainly have the market gunning for the $2 level, and as the highs continue to fade, this seems to be the direction we are heading. On a daily close below the above mentioned level - we are selling again.
Natural Gas Forecast February 14, 2012, Technical Analysis
Natural Gas Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3