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The natural gas markets fell for the session on Thursday, but remain above the $2.60 support level. The recent action has been contained within the $2.60 to $2.80 range, and we think that the market is at a major crossroads at the moment.
With the very bearish fundamentals and the major downtrend still intact, we prefer to sell this market. However, we want to see the market close below the $2.60 level in order to do so. The breaking of the $2.80 level would have us looking at $3 as a potential selling area on weakness as well. It is above $3 that we would have to admit defeat and start buying this market.