Natural Gas Forecast August 6, 2015, Technical Analysis

The natural gas market initially rallied during the course of the day on Wednesday, but found enough resistance near the $2.87 level to turn things back around and form a shooting star. Ultimately, we believe that this market continues to go lower so we are sellers and we can break down below the bottom of the shooting star for the session. We believe that the market will then reach towards the $2.70 level, and possibly even lower than that. With this, we sell rallies as well, as we look at this is a horribly bearish market.