Our Natural Gas commentary from this morning highlighted a developing pattern that suggests yesterday’s gains presented a selling opportunity. Here’s a snippet from our report:
I’ve added a line to today’s chart which is slightly tentative but may be confirmed by price action today if we keep 2.837-2.857 in the resistance column.
The line is a Neckline, classing recent price action as a small “Head and Shoulders” top, with a “measured move” target of 2.324, not far away from the June low/bounce.
In other words this is a selling opportunity.
Click on the chart below to see a bigger version.