The natural gas markets fell during the session on Monday as the bears reentered the markets. The market currently looks as if it is trying to form some kind of triangle or pennant, and as most consolidation patterns suggest continuation of the trend, we are watching this with great interest. The $3 level above should continue to be a top in the market, and as a result we only sell this commodity. A breakdown below the bottom of this triangle should be a massive sell signal, and any rallies going forward should be sold on weakness. We will not buy in a market that is so weak over the long term.
Natural Gas Forecast February 21, 2012, Technical Analysis
Natural Gas Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3