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Natural Gas Technical Analysis
The natural gas markets gapped lower to kick off the trading session on Thursday, turned around to fill that gap and then proceeded to plunge again. We are currently trading right around the $4 level, which of course has a lot of psychology attached to it and could kick off further selling. Quite frankly, with the interest rate situation taking most of the headlines, a lot of people aren’t really paying attention to this market, which it does make a certain amount of sense that natural gas would struggle as temperatures are starting to warm up in the United States. So, as I have been saying for a while, I’m waiting for that cyclical trade to start shorting natural gas, and we’re just about there.
So, if we can close below the $4 level, I’m going to go ahead and give it another attempt. And remember, I told you previously that quite often what will happen is this time of year, I’ll get stopped out a couple of times and then I’ll have a massive like $2 move. So, with that being the case, I’m getting close, probably will at the end of the session if we are below $4. If we turn back around and rally, that’s even better. I’d love to short this somewhere around $4.40, but I don’t know if we get that kind of opportunity.
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