Natural gas markets fell again on Wednesday as the market continues to chug along at a bearish tempo. The market is certainly in a massive bear market at this point, and as such we only sell natural gas. However, the $2.40 level continues to offer strong support, so selling at this point is difficult to do. The $2.60 level looks to be continued resistance, and as such we look a bit range bound at this point. The breaking below the $2.40 level is what we are currently waiting on to continue selling this market. Once the market closes below that level on a daily chart - we are short. Also, we would consider selling rallies if there are signs of weakness going forward.
Natural Gas Forecast February 16, 2012, Technical Analysis
Natural Gas Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3