The natural gas markets fell again on Wednesday as traders continue to sell this market. The Northeastern and Midwestern sections of the United States are starting to finally see cold weather, but the weather will have far too late for the bulls in this market.

However, it should be noted that the daily candle is a hammer, and this suggests that there will be a bit more fight in this area as the market decides when to move again. The $2.40 level has held up again, and this looks like a market that is going to attempt a rally. In our opinion, this will only provide a selling opportunity. We look to the $2.80 - $3 range for weakness in which to sell. A daily close sub-$2.40 would also have us selling. With this trend - there is no buying.

Natural

Natural Gas Forecast February 9, 2012, Technical Analysis

Natural Gas Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
2.2307
2.3038
2.3737
2.4468
2.5167
2.5898
2.6597

 Fibonacci
2.3038
2.3585
2.3922
2.4468
2.5015
2.5352
2.5898

 Camarilla
2.4042
2.4173
2.4304
2.4468
2.4566
2.4697
2.4828

 Woodie's
-
2.3030
2.3720
2.4460
2.5150
2.5890
-

 DeMark's
-
-
2.4817
2.4294
2.3388
-
-