March Nat Gas pulled back after tagging the falling 20ema as usual and successfully tested the recent low. So far at least. It is still not out of the woods and is still a bear until proven otherwise. Price must now clear the recent high AND clear 1st price resistance of 2.96 to suggest a base is being built that will ultimately see sideways to higher trading that takes out the downtrendline. Until then all price has done is run up to its 20ema and remains under it as it has done in the past. With the recent wash out and extreme pessimism this is the 1st time in a long time that a possible base is being built. The proof is in the pudding though and price still hasn't proved itself.