The bearish triangle pattern on the summer 15 natural gas strip (June 15-October 15 contracts) remains viable even with recent strength in the market.
After bottoming out at a new all-time low of 2.564 on April 27th, the strip has since rallied up to a 2.891 high early this week currently trading at 2.855.
As can be seen on the chart, the 2.891 high held below former triangle trend line support as resistance. This keeps the triangle pattern intact.
The market will now need to see a strong sell off from the current price level or the triangle pattern will be negated. If it is negated with trade above the lower-2.9000 level, it could be another indication the market has bottomed.
The downside measuring objective for the triangle is for trade down to the 2.400 level.
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