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The natural gas markets had a decent surge during the Monday session as prices climbed back over the $2.80 handle. The $2.90 level is still massively resistance as far as we can tell, and as such we certainly wouldn't be willing to buy at this point in time.
The long-term downtrend still remains in this market, although it has been much more supported over the last couple of months. Nonetheless, we think that this is a cyclical issue, and as such we will be looking for opportunities to sell natural gas. On a break below the $2.60 level, we're aggressively shorting this market. We would also short a weak candle at the $2.90 area as it would show a continuation of the resistance.