Natural gas markets continued to rise during the Wednesday session as the short covering keeps going. The market broke above the shooting star that was formed on Tuesday, and with more companies talking of taking their drilling offline, the market only had one way to go. The market has been extremely oversold recently, and this bounce is exactly what was needed. We are still waiting, and will be very interested in selling in the $3 area if we get resistive candles. We are still leery of buying this contract as the supply will still be far too great.

Natural

Natural Gas Forecast January 26, 2012, Technical Analysis

Natural Gas Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
2.4723
2.5472
2.6773
2.7522
2.8823
2.9572
3.0873

 Fibonacci
2.5472
2.6255
2.6739
2.7522
2.8305
2.8789
2.9572

 Camarilla
2.7511
2.7699
2.7887
2.7522
2.8263
2.8451
2.8639

 Woodie's
-
2.5610
2.7050
2.7660
2.9100
2.9710
-

 DeMark's
-
-
2.9198
2.7709
2.7148
-
-