During the course of the trading week, natural gas markets have declined dramatically, displaying signs of exhaustion and, of course, negativity whenever someone attempts to purchase it. Quite frankly, this looks a lot like crypto, as it’s about the only market I can think of that has melted down like this in the recent past. Even more astounding is the fact that nobody has attempted to retrieve it, so I believe we should go lower. At this point, $2.00 is a plausible aim, but I would not necessarily hold my breath for clarity. In any case, this market has been sold off so aggressively that it’s almost as if they’re about to give it away for free.
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Ultimately, if the price falls below $2.00, that’s it. I have nothing to offer at this time. The $3.00 level is an evident resistance barrier, followed by the $4.00 level. Rallies at this juncture should result in selling opportunities each time we attempt them. With this, I believe we should be watching to fade any symptoms of weariness, particularly if we approach the 200-Week EMA, which is $4.38. Still, I don’t see that occurring very soon.
