Natural gas (02.08.2013) traded lower as winter season is almost gone now.
Now Natural gas is trading around 205 ($3.350) & as we can see on charts , its reaching to the 3rd possible bottom of current descending channel. At the same time there is a support of 161.8% february correction level which may represent the 5th Elliot wave completion. On the fundamental side, 5 year average inventory is on the lower side & thus suggest for a higher prices this year as well as upcoming storms may interrupt in production.
Based on above studies, we will prefer to buy Natural Gas for some immediate possible targets around 213 ($3.51) & then 219 ($3.65). A day close below 200 mark will force us to reanalyze the charts.