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Natural gas markets had another strong session on Wednesday as traders tested the $3.00 level again for resistance. This area is a crucial resistance level for the sellers in this market, and as the trend is been so bearish lately we think that a break above the $3.10 level would in fact signal a massive momentum change.
It should be noted however, that the bullish run for the Wednesday session did stop just below the $3.00 level, and as such we are still in consolidation as far as we're concerned. At this point in time, on a shorter time frame candlestick that looks weak we would be willing to sell. We still think this market will be bound between $2.70 and $3.00 for the time being. Obviously, a breakout in either direction should be followed.