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$NATGAS - Watching that 2.70 level again
Keep an eye on $NATGAS around 2.70. We've seen it act as a pivot point multiple times this week, bouncing off it yesterday, but the last run up seems to be fading into resistance around 2.78. If we break and hold below 2.70 convincingly, particularly with any volume, I'd consider the short-term bullish momentum gone. That 2.70 floor becoming a ceiling is the key scenario I'm looking at, but it's not a done deal until it happens.
1 comments · 16 points
Agree, 2.70 is the line in the sand. Volume will tell the tale if it's a real break or just another test.