The natural gas market is in a near free fall in today’s
trade after gapping under 2.230-2.250 support in the overnight session.
The weekly natural gas chart shows the new price low set
today at the 2.057 level. In
addition to 2.230-2.250 support, 2.160-2.170
weekly low support from June 2012 was also broken in today’s session.
The next longer term support now becomes the 1.902 low from
April 2012 shown in red.
Former support areas now become resistance the first level
being 2.160-2.170 followed by the open gap created today between
2.238-2.275.
Current weakness should be the final sell off before a
seasonal low in the market is set.
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