Natural gas fell again for the session on Thursday as traders simply cannot get rid of this contract fast enough. The mild winter and abundant supply of Nat Gas has simply punished any sense of bullishness in this market, and will more than likely continue to do so for the foreseeable future.
The $3 mark is a distant memory now, and the market is in a complete freefall. The market simply cannot be bought now, under any circumstances. (It's hard not to wonder how many people have been beat up by buy this market when it got too far ahead of itself lately.) A market like this is very dangerous to go against indeed. Sure, there is a bounce coming, but it will only provide selling opportunities going forward. We are selling rallies - whenever they come.
Natural Gas Forecast January 20, 2012, Technical Analysis
Crude Oil Pivot Points (Time Frame: 1 Day)
Name S1 S2 S3 Pivot R1 R2 R3