Natural Gas Forecast February 16, 2012, Technical Analysis

Natural gas markets fell again on Wednesday as the market continues to chug along at a bearish tempo. The market is certainly in a massive bear market at this point, and as such we only sell natural gas. However, the $2.40 level continues to offer strong support, so selling at this point is difficult to do. The $2.60 level looks to be continued resistance, and as such we look a bit range bound at this point. The breaking below the $2.40 level is what we are currently waiting on to continue selling this market. Once the market closes below that level on a daily chart – we are short. Also, we would consider selling rallies if there are signs of weakness going forward.

Natural Gas Forecast February 16, 2012, Technical Analysis
Natural Gas Forecast February 16, 2012, Technical Analysis

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