The natural gas markets rose slightly for the Friday session, and the market continues to consolidate around the $2.20 level. The market looks as if it wants to form some kind of base at the moment, and a bounce certainly cannot be ruled out. However, we simply cannot come up with a good reason to buy this market, so we are waiting for the bounce in order to sell from higher levels on signs of weakness. Suitable areas will be the $2.40, $2.60, $2.80, and the $3 mark. Of course, if we find the market closing on a daily chart below the $2.20 level, we would have to sell as well.

Natural

Natural Gas Forecast March 19, 2012, Technical Analysis

Natural Gas Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
2.1257
2.1788
2.2567
2.3098
2.3877
2.4408
2.5187

 Fibonacci
2.1788
2.2289
2.2598
2.3098
2.3599
2.3908
2.4408

 Camarilla
2.2985
2.3105
2.3225
2.3098
2.3465
2.3585
2.3705

 Woodie's
-
2.1850
2.2690
2.3160
2.4000
2.4470
-

 DeMark's
-
-
2.4142
2.3231
2.2832
-
-