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Natural Gas Continues to Exhibit Signs of a Meaningful Bottom


Let's notice that the pullback in Natural Gas from yesterday's recovery-rally peak at 3.39-- the high of the rally from the Feb 6 low at 2.57-- held key support along the Feb support line, at 2.815, from where it has pivoted to 2.920.

As long as the 2.80 area remains strong support, all of the action since mid-January increasingly is taking the shape of a rounded bottom in the aftermath of a year-long decline from 6.50.

A climb above 3.09 is needed to trigger initial confirmation that the Jan-Feb portion of the base is complete, while a climb above 3.35 is needed to confirm that the larger Dec-Feb portion of the base also is complete.

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