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The natural gas market fell again over the previous five sessions, but not as drastically it or dramatically as the previous two weeks. We are without a doubt heading lower at this point in time it appears, but the one major support area that seems to be holding everything up is the $2.70 level. In order to sell again we need to see this level broken through.
A daily close below the $2.70 level would suffice. We think that it the market would head to the $2.25 level if that happens. We are most certainly bearish of this market, and have absolutely no plans to buy natural gas at this point in time. We think eventually we will get our sell signal, but we could be choppy around for a little while in the meantime.