Natural gas markets rose ever so slightly during the Friday session, yet failed to impress on any level whatsoever. The price action for the session was more indicative of a benign trading session with no real catalyst to push the market than any kind of statement.
We saw the market break down and out of a triangle a few days ago, and quite frankly would love to see a bounce here so that we can sell more contracts. In the meantime, nothing has changed: We sell bounces and new lows. Buying isn't even a thought at this point in time as we are aiming for a $2 print before the move is over.
Natural Gas Forecast March 5, 2012, Technical Analysis
Natural Gas Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3