Natural gas markets rose a bit later in the Monday session as the supportive action in the $2.50 level continues. The last two sessions have printed hammers, and it looks like the area is going to put a bid in the market. The trend is most certainly down, and the smart money won't be bothered with this pseudo-rally that is presently trying to happen. The $2.80 and $3 levels above will be very resistive, and it is at those levels that we are going to be looking for signs of weakness on a daily close such as a shooting star, engulfing bearish candle, or other such weak candles. We will not buy this market under any circumstance.
Natural Gas Forecast February 7, 2012, Technical Analysis
Natural Gas Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3