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Nat Gas/ Staying in a 3.5 month range *PIC*

Sept Nat Gas which is the most active contract is in a tight 3.5 month price range between 2.91 and 2.22. A 69 cent price range. A breakout or breakdown over either price will determine price direction. The 2.91 high resistance is also its one year downtrendline resistance. To even suggest some bullishness price would have to clear 2.91 and at least consolidate between 2.91 and 3.15 resistance. While not impossible don't hold your breath. But stranger things have occurred. A rally even within a bear market often retraces 38.2% to 50% of its most notable selloff which could take price back to 3.35 to 3.70 and still be in a bear market. Nat Gas has not had one of these typical bear market retracements for a very long time. But 1st things 1st and price must clear and hold above 2.91 to even suggest this possibility. Until then it's the same old bear..........................As far as seasonal trends go historically mid June to late July is one of the most bearish times of the year for Nat Gas.

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Nat Gas/ Staying in a 3.5 month range *PIC*
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