The natural gas markets bounced on Thursday as the $2.40 level continues to hold as support. The market has be overly bearish, but the last several sessions have suggested that perhaps some big accounts are starting to take a shot on the future of the market. The area could be the start of a bounce, but the $2.60 level has been very resistive at the same time. In the mean time, we need to see which level gives way first in order to place our trade. A break to the upside has us looking for weakness at the $3 level, and a break of the $2.40 level has us selling as well. We do not buy natural gas.

Natural

Natural Gas Forecast February 17, 2012, Technical Analysis

Natural Gas Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
2.2363
2.3187
2.4273
2.5097
2.6183
2.7007
2.8093

 Fibonacci
2.3187
2.3916
2.4367
2.5097
2.5826
2.6277
2.7007

 Camarilla
2.4835
2.5010
2.5185
2.5097
2.5535
2.5710
2.5885

 Woodie's
-
2.3253
2.4405
2.5162
2.6315
2.7073
-

 DeMark's
-
-
2.6595
2.5303
2.4685
-
-