Natural gas markets had another fairly quiet day on Thursday as inventories remain high. The market is certainly looking a bit more stable than it had over the last year, and a triangle is now obvious on the chart. However, the triangle hasn't been broken in either direction, and as long as that remains the case - we are flat in this market. The commodity could be starting to base a bit, but the reality is that the trend is most decidedly down, even with the recent action. Because of this, we are selling a break below the bottom of the triangle, or rallies that show signs of weakness going forward, with particular interest at the $3 level.
Natural Gas Forecast February 24, 2012, Technical Analysis
Natural Gas Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3