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The natural gas markets rallied significantly during the trading session on Wednesday, reaching towards the $3.00 level, an area that has caused resistance several times in the past and it could be thought of as the beginning of the top of longer-term consolidation. The $3.00 level of course attract a lot of attention because of the large, round, psychological importance, and the fact that sellers came back into this market would not surprise me at all. If we can break down below the $2.97 level, then I think that the market is ready to roll over and go looking towards the bottom of the short term consolidation area, which I suspect is bordered by the $2.90 level, which extends down to the $2.88 level.
If we were to break down below the $2.88 level, then I think that the market could go much lower. I do think that happens given enough time, but it’s likely it’s going to take a significant amount of momentum and strength to break down. Once we do, I suspect that this market probably goes down to the $2.60 level over the longer-term. I recognize that there is a significant amount of resistance above, extending from the $3.00 level to the $3.10 level. If we could break above the $3.10 level, that would be an extraordinarily bullish sign. There is essentially a “resistance zone” above that continues to weigh upon the market.
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