Natural gas Technical Analysis for the Week of August 29, 2011
The natural gas markets sat still this past week as the trading community ponders the severity of a break below the $4 mark in this commodity. The recent price action shows that there are no serious movers to push price higher, so the breakdown of the recent consolidation appears to be genuine. In order to get short of this market, we need to see new lows, somewhere around the $3.80 level. Until then, we see a sideways market in the natural gas pits.