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Christopher Lewis
Natural gas daily chart, July 24, 2018

Natural gas markets have dropped a bit during the day on Monday, continuing the bearish pressure that we had seen at the end of the Friday session. Natural gas markets continue to look very negative overall, and I think that the $2.70 level will continue to offer a significant amount of support, but if we can break down below there it would free the natural gas markets to go to the bottom of the longer-term consolidation area, which is the $2.60 level. Rallies at this point continue to be offers for selling opportunities, and I believe that the $2.78 level above will be massive resistance.

If we did break above that level, then I think the next selling opportunity is closer to the $2.80 level, followed by the $2.82 level. At this point, even though we are relatively low in the consolidation area on the longer-term charts, I still don’t have any interest in buying this market. It seems as if natural gas simply cannot pick its feet up at this point, and I think that the best thing you can do is either short the market, or simply wait for higher prices that show signs of exhaustion to sell it again.

Demand will be dropping a bit is far as the United States is concerned as we are heading towards cooler temperatures, and as the natural gas markets tend to be very short term focus, I believe that will be one of the main drivers.

NATGAS Video 24.07.18

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