Red Japanese candlesticks on the natural gas week chart show a market that has now closed lower 7 consecutive weeks.
The market did stabilize in last week’s trade holding above the 2.805 low set the first week of January. This low extending down to the May 2012 high of 2.759 remains primary support in this week’s trade.
If 2.759-2.805 support is broken, the 2.575 low from August 2012 will become the next downside support.
Longer term, if weakness persists, the market could eventually retest the 1.902 low posted in April 2012.
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