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Natural gas markets attempted to fall below the $2.70 level again on Tuesday, only to bounce and form a bit of a hammer. This suggests to us that perhaps we are getting ready to bounce again, and as such we are not ready to sell quite yet.
We still see the $3.00 level as an area where the sellers will step in, and as such we are more than willing to sell bearish action up close towards that price. Until we get that or a break down below the 2.70 level on the downside, we are not adding to our already short positions.