Natural gas (07.02.2013) fall from multiple resistance area.
Now natural gas is trading around 192 ($3.478) & as we can see on charts ng is facing resistance around multiple resistance area. This area also represent the 50% feb correction level of last ascedning wave & we have already seen a reversal few weeks ago. While looking at day chart , we have also identified a possible H&S pattern with the neckline of 174 ($3.130). If this got a break down then we may witness a long term weakness in this counter for possible targets around 156 ($2.826). Meanwhile candlestick pattern is turning negative with indicators.
Based on above studies, we will prefer to sell ng for possible targets around 185 ( $3.335) followed by 174 ($3.130). Only a close above 202 ($3.680) area will force us to reanalyze the charts.